Fujifilm Business Innovation and Konica Minolta have announced further details and an establishment date of January 31 for their joint venture.

The companies have completed all review and approval procedures under overseas competition laws. In addition, they have named the joint venture company Global Procurement Partners Corp, which they have located in Yokohama, Japan with capital of ¥50m ($575,000). Fujifilm Business Innovation will have a 75 per cent share ratio and Konica Minolta 25 per cent.

President Masaharu Furukawa, corporate vice president and director at Fujifilm Business Innovation will oversee 192 employees (137 from Fujifilm Business Innovation and 55 from Konica Minolta.

The venture’s business description has three layers:

  • Development of procurement strategies and deployment to the procurement function divisions at each production site.
  • Procurement lead function, including negotiation with suppliers and procurement management.
  • Procurement services to ensure quality, cost, delivery, and environmental compliance of externally purchased goods.

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