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Mitsubishi, Nissan to join transmission businesses

TOKYO, Japan - (From L to R) Mitsubishi Motors Corp. Vice President Hiroshi Yajima, Jatco TransTechnology Ltd. Chairman Kenichi Sasaki and Nissan Motor Co. Accounting Officer Kiyohito Shinohara shake hands at a news conference in Tokyo on Oct. 4. MMC and Nissan announced an agreement to integrate their automatic transmission (AT) and continually variable transmission (CVT) businesses. MMC will spin off its AT and CVT divisions into a new company to integrate it with Nissan's transmission subsidiary Jatco TransTechnology by the middle of 2002.