Electronics giant Hitachi and Japan-based Omron Corporation are forming a joint venture that will combine their respective ATM businesses.
Hitachi and Omron initially formed an ATM joint development alliance in 2000 but have decided to extend the partnership by establishing a company.
Under the agreement, Hitachi will merge its cash machine business, Mechatronics Systems, with Omron's ATM and transaction technology divisions, Social Systems, Solutions & Services Business Company and Advanced Modules Business Company.
The new company, which is expected to be headquartered in Tokyo, will provide ATM development, production, sales and maintenance. Hitachi is expected to hold over half of the shares in the firm.
The joint venture company is scheduled to commence business on 1 October 2004.