July 31, 2019
GLORY Increases Ownership ratio of Sitrade Italia
GLORY LTD.(“GLORY”) has increased its ownership ratio of Sitrade Italia S.p.A.(“Sitrade”), a subsidiary located in Italy, as follows:
1. Reason and outline of increase in ownership ratio
The GLORY Group is currently taking actions based on its 2020 Medium-Term Management Plan in order to make progress toward the goals of the Long-Term Vision 2028. One of the medium-term plan’s basic policies is “building foundations for realizing sustainable business management.” Strengthening the overseas sales infrastructure is a key strategy for accomplishing this goal and the GLORY Group is channeling substantial resources to initiatives for this purpose.
Since GLORY acquired 51% of the ownership of Sitrade in 2010 and Sitrade became a subsidiary of GLORY, utilizing Sitrade’s advanced solution capabilities and sales/maintenance capabilities, GLORY has been expanding the sales of Teller Cash Recycler (RZ/RBG series) which are one of the major product line, and creating the new market for products such as assisted service solution (S200) and cash management system for retailers (CASHINFINITY series) in Italian market.
GLORY has increased from 51.0% to 75.5% its ownership of Sitrade, and will accelerate its expansion of the business and further strengthen the operating foundations in the Italian market.
2. Profile of Sitrade Italia
|1. Company Name||Sitrade Italia S.p.A.|
|2. Head office||Via Cassanese 94/96, 20090 Segrate (Milano), Italy|
|3. Representatives||Gabriele Conti, Managing Director|
|4. Business Lineup||Sale, maintenance of cash handling machines|
|5. Established||July 19, 1978|
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.