OF GMFanuc ROBOTICS AUBURN HILLS, Mich., Sept. 15 /PRNewswire/ -- FANUC LTD has completed its purchase of General Motors Corporation's (NYSE: GM) 50-percent ownership interest in GMFanuc Robotics Corporation, a joint venture company formed by FANUC and GM in 1982. Reflecting the full ownership by FANUC, GMFanuc Robotics will be renamed FANUC Robotics Corporation, effective Oct. 1, 1992. FANUC Robotics Corporation will consist of two subsidiaries, FANUC Robotics North America, Inc. and FANUC Robotics Europe GmbH. Each will be an integral part of FANUC's international robotics organization which serves customers throughout the world including the three major robotics markets: Japan, Europe and North America. FANUC Robotics North America is headquartered in Auburn Hills and will continue the operating focus of GMFanuc Robotics, concentrating on the North and South American markets. The management team will continue to be led by Eric Mittelstadt, president and chief executive officer. The mission of FANUC Robotics North America is to continue to provide customers with quality products and services in the same way that enabled GMFanuc to become North America's leading robotics company in both automotive and general industrial markets, including: sales, process and systems engineering, joint product development, manufacturing, and customer support activities. FANUC Robotics Europe GmbH will continue the operating focus of GMFanuc Robotics Europe GmbH, serving customers throughout Europe. It is headquartered in Dusseldorf, Germany. FANUC LTD, which is headquartered in Oshino-mura, Japan, is a world leader in the manufacture of computer numerical controls for machine tools, industrial robots, wire-cut electric discharge machines, and automated plastic injection molding machines. -0- 9/15/92 /CONTACT: Chuck Ragains of Anthony M. Franco, Inc., 313-567-5020, for FANUC Robotics Corporation/ (GM) CO: FANUC LTD; General Motors Corporation; GMFanuc Robotics Corporation ST: Michigan IN: CPR AUT SU: TNM JG -- DE024 -- 9763 09/15/92 15:50 EDT -0- (PRN) Sep/15/92 15:52 EOS (PRN) Sep/15/92 15:52 54 â -0- (PRN) Sep/15/92 16:07
FANUC LTD ANNOUNCES COMPLETION OF PURCHASE AND RENAMING
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