Japanese trading and investment company Mitsui & Co has increased its stake in positioning and site automation technology company Position Partners to become the majority shareholder.
Mitsui has invested through its Australian and Japanese entities.
Financial details have not been disclosed but Melbourne-based Position Partners employs about 350 people across Australia, New Zealand and South-East Asia.
The company produces Topcon machine control and positioning systems which are widely used in construction and mining projects. It also distributes complementary equipment from other technology companies.
Position Partners chief executive Martin Nix said Mitsui had moved to increase its stake following strong business performance.
“Since 2019, we have launched initiatives that have been fostered through the Mitsui network, notably in our mining business,” Nix said. “Mitsui has also enabled collaborations for two of our key services: Tokara construction site remote access and data transmission solution and AllDayRTK, our national GPS network.” He said Mitsui planned to support new growth opportunities for Position Partners with the company’s South-East Asian mining support operations expected to feature significantly.
As a result of the increased investment, Mitsui will be able to nominate three members to the Position Partners board.
Koichi Wakabayashi, of Mitsui’s mobility business, said the company looked forward to building on an already strong collaborative relationship with Position Partners.
Mitsui has invested about $16 billion in Australia over the last ten years. Wholly owned Mitsui & Co (Australia) is a leading exporter of Australian minerals. Mitsui companies export about $8 billion worth of Australian minerals annually.
Image: Position Partners’ Topcon technology in use.