January 15, 2019
Announcement of completion of the acquisition of Italian company CTS Solutions S.r.l.
GLORY LTD. (GLORY) (Tokyo: 6457), through its overseas subsidiary, Sitrade Italia S.p.A.; (hereinafter "Sitrade"), has acquired CTS Solutions S.r.l. (hereinafter "CTS Solutions"), a distributor of cash handling equipment in Italy, by acquiring full ownership of CTS Solutions (hereinafter "Acquisition").
1. Purpose of the acquisition
In line with its "2020 Medium-Term Management Plan" and "Long-Term Vision 2028", GLORY continues to increase its focus and management resources towards the expansion of its overseas business. As a result of the acquisition of CTS Solutions, GLORY will further expand its overseas business through enhanced direct sales capabilities and service capacity in the large Italian market.
2. Outline of CTS Solutions
|1. Company Name||CTS Solutions S.r.l.|
|2. Location||12, Via Cav. Pino Longhi, Bergamo, Italy|
|3. Representative||Chairman of the Board, Stratos Baschenis|
|4. Business Lineup||Sales and maintenance of cash handling equipment in Italian market|
3. Business Outlook
The effect of the acquisition to the current consolidated business of GLORY is expected to be minimal.
About GLORY LTD.
GLORY LTD., headquartered in Himeji, Japan, is a pioneer in the development and manufacture of money handling machines and systems. GLORY provides a variety of products such as money handling machines, cash management systems, vending machines, automatic service equipment, and cash management solutions that are built on its leading-edge recognition/identification and mechatronics technology. Committed to meet society's wide-ranging needs, GLORY serves the financial, retail, vending machine, amusement and gaming industries in over 100 countries around the world. GLORY employs approximately 9,000 people worldwide. For more information about GLORY, please visit GLORY's group website at http://corporate.glory-global.com/.
- GLORY LTD.
- Corporate Communications Dept.
Management Strategy Headquarters
Information in this document is current on the date of the announcement and subject to change without prior notice.