vertical integration
Definition
Merger of firms at different stages of production and/or distribution in the same industry. When a firm acquires its input supplier it is called backward integration, when it acquires firms in its output distribution chain it is called forward integration. For example, a vertically integrated oil firm may end up owning oilfields, refineries, tankers, trucks, and gas (petrol) filling stations. Also called vertical merger. See also horizontal integration.
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