September 19, 2007
IHI Shibaura Machinery Corporation
A long-term strategic partnership with Excel Industries in the US turfcare equipment industry.
Paul Mullet (left-hand side), President of Excel Industries
Takashi Nishimura (right-hand side), President and CEO of IHI Shibaura
IHI Shibaura Machinery Corporation(ISM) and Excel Industries, Inc.(Excel), manufacturer of Hustler Turf Equipment, are pleased to announce the establishment of a long-term strategic partnership. ISM and Excel concluded agreement on September 5th,2007. The new partnership will enable ISM and Excel to collaborate on marketing and development of multiple products, including current ISM products, and technologies to be marketed in turf and golf course industries.
Innovation and manufacturing excellence are shared attributes of ISM and Excel, and both companies will benefit by combining complementary strengths, resources, and technical expertise.
"We are excited to partner with a great company like Shibaura, as this will allow us to bring valuable new products to our customers" said Paul Mullet, chief executive officer, Excel Industries, Inc. "Shibaura has a tremendous knowledge base in diesel engines, four wheel drive systems, and reel mowers, while our strengths are in zero-turn rotary mowers and hydraulic drive systems. Without question, the collective strengths of Shibaura and Hustler Turf Equipment make us a powerful team, and we are moving forward together."
"We are very pleased to partner with Excel Industries, as they are one of the leading manufacturers of zero-turn mowing equipment, and they have a great presence in the turf care machinery industry," said Takashi Nishimura, president and chief executive officer, IHI Shibaura Machinery Corporation. "We believe that our strategy has tremendous potential, and we anticipate robust business development as we demonstrate our competitive edge now and in the future."
ISM and Excel have started implementation of a marketing and development strategy, and will introduce several new products in the US and global markets in the coming months. The strategy also includes joint development of future products across a wide range of markets and product categories.
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About Excel Industries, Inc.
Zero-turn mower
Founded in 1960 and based in Hesston, Kansas, Excel Industries is a leading manufacturer of premium commercial and residential lawn care equipment, marketed under the Hustler Turf Equipment brand. Excel introduced the world's first zero-turn mower in 1964, and today has a global distribution network of over 1,000 US dealers and 20 international distributors. Additional information about Excel Industries is available at www.hustlerturf.com.
