May 8, 2019
GLORY acquires Grupo Sortek for further expansion of its direct sales & service footprint in Mexico
GLORY LTD. (GLORY) (Tokyo: 6457), through its overseas subsidiary, Glory Global Solutions (International) Ltd. and Glory Global Solutions (Holdings) Ltd. , has acquired Grupo Sortek, S.A. de C.V. (Sortek), a sales and service provider of GLORY solutions in Mexico, by purchasing 100% of Sortek’s issued shares.
1. Purpose of the acquisition
GLORY has proactively been injecting its resources to expand overseas businesses as a part of its initiative dubbed "2020 Medium-Term Management Plan", outlining key strategic growth to enable its "Long-Term Vision 2028" to best serve customers now and in the future.
GLORY acquired “Sortek” in Mexico, the largest growing market in Latin America, to enhance its existing Mexican capabilities for direct sales and service, enabling a further enhancement of our overseas business.
2. Profile of Sortek
|1. Company Name||Grupo Sortek, S.A. de C.V.|
|2. Location||Río Mississippi no. 58, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc C.P. 06500, Ciudad de México, México|
|3. Representative||Managing Director, Armando López Villela|
|4. Business Lineup||Sales, lease, maintenance services and software development of cash handling solutions|
(1) Date for the completion of the share purchase agreement: April 30, 2019
(2) Date for the transfer of shares: April 30, 2019
4. Future prospect
This acquisition is expected to only minimal impacts on GLORY’s consolidated accounts.
About GLORY LTD.
GLORY LTD., headquartered in Himeji, Japan, is a pioneer in the development and manufacture of cash handling machines and systems. GLORY provides a variety of products such as cash 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 https://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.