Rix Corporation to Merge Sub-Subsidiary into Consolidated Unit
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Rix said its consolidated subsidiary Rixtechno will absorb its wholly owned sub-subsidiary CEM Corporation in a merger, effective Dec. 1, according to a Wednesday filing on the Tokyo Stock Exchange. The deal, approved by the boards of both companies, will be an absorption-type merger with no share allotment, as CEM is fully owned by Rixtechno. Rixtechno manufactures automotive parts cleaning machines and industrial equipment, while CEM focuses on control systems and software for industrial machinery.
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