Tokyo -- Toshiba Corporation today announced that it would take over the assets of Toshiba GE Automation Systems Corporation and establish the Japan-based company as a wholly owned subsidiary. Transfer of ownership of the company, a joint venture for sales and engineering of industrial drive and automation systems, established by Toshiba and General Electric Company in October 2000, will be completed by June this year.

Once the acquisition is completed, the operations of the company will be integrated into a new joint venture that brings together Toshiba's capabilities in industrial electric and automation systems with those of Mitsubishi Electric and that is expected to start operation in October 2003.

Outline of Toshiba GE Automation Systems Corporation