July 13, 2016
GLORY acquires In-Tech to extend Direct Sales & Service Presence in Russia
GLORY LTD. (GLORY) (Tokyo: 6457), through its overseas subsidiary, Glory Global Solutions (Holdings) Ltd., has acquired In-Tech, LLC (hereinafter In-Tech), a distributor of cash management technologies in Russia, by purchasing 100% of the issued share of In-Tech.
1. Purpose of the acquisition
GLORY has been taking the strategy to shift its management resources towards the expansion of overseas business based on its "2017 Medium-Term Management Plan" towards the achievement of the "Long-Range Vision 2018". Along with the acquisition of In-Tech, the distributor of GLORY in Russia, GLORY pursues further expansion of its overseas business through providing direct sales and service in the large Russian market.
2. Outline of In-Tech
|1. Company Name||In-Tech, LLC|
|2. Location||Russian Federation, 111020 Moscow, Borovaya Str., 7 bld. 10|
|3. Representative||Igor Semenovich Morozov, General Director|
|4. Business Lineup||Sales and maintenance of cash handling equipment|
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.
Information in this document is current on the date of the announcement and subject to change without prior notice.