Onitsuka Co., Ltd., GTO Co., Ltd., and Jelenk Co., Ltd. combined in a merger of equals to form ASICS Corporation, a general sports equipment manufacturer. The three companies sealed a memorandum of merger and made a press announcement on January 12, 1977, and merged six months later, on July 21. The owners of the three companies had found that they had much in common during the Seiwakai study group meetings for sports equipment manufacturers in the Kansai region, and later jointly formed the Clover Group. With the first Oil Shock, when the Japanese economy was left stagnant and its future uncertain, the top management of the three companies decided on the merger as a survival strategy aimed at the global sports market. The origin of the company name, ASICS, is the initial letters of the phrase "Anima Sana in Corpore Sano" by the ancient Roman satirist Juvenal (with "Mens" in the original rather than "Anima"). It means "[If you pray to God, you should pray for] a sound mind in a sound body."