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Citizen Holdings and Miyano Machinery have entered into a share exchange agreement that will make Miyano a wholly-owned subsidiary of Citizen Holdings.

Citizen Holdings and Miyano Machinery have entered into a share exchange agreement that will make Miyano a wholly-owned subsidiary of Citizen Holdings with the result that Miyano's common shares will be delisted from the Tokyo Stock Exchange on 28th September 2010.

Geoff Bryant, managing director of both Citizen Machinery UK and Miyano Machinery UK said: “The two machine tool brands of Citizen for sliding head CNC lathes and Miyano fixed head turning centres will be strengthened in the UK under the clear common ownership.

“Indeed, at MACH 2010 at the NEC, the launch of the Miyano BNX-42SY is the first machine to combine Miyano mechanical hardware with Citizen control and software to create a new level of turning centre capability enabling enhanced productivity to be achieved.”

Citizen Holdings acquired a 65.8% stake holding in Miyano in 2008 which at the time made Miyano a consolidated subsidiary of Citizen Holdings. Following the acquisition, the two companies have worked closely to develop mutually complementary product lines, and joint operations involving production and sales centres around the world.

These include joint participation at exhibitions such as MACH 2010. The relationship has also included combined purchasing and product development while maintaining the individuality of each machine brand.

Citizen Machinery UK
www.citizenmachinery.co.uk Miyano
www.miyano.co.uk
 

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