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May 9, 2014
Siemens and Mitsubishi form JV for metals industry
Siemens AG (Munich, Germany; www.siemens.com
) and Mitsubishi Heavy Industries (MHI; Tokyo, Japan; www.mhi-global.com
) are planning to cooperate in the metallurgical industry and are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industries. Responding to the challenging market environment and high price pressure, the two partners are bundling their individual strengths and establishing a well-positioned joint venture. According to the agreement, MHI will hold a 51% and Siemens a 49% stake in the joint venture. Subject to approval of the relevant authorities, the joint venture will start operations in January 2015.
Both partners are contributing their metallurgical industry activities to the joint venture. The new joint venture will integrate Mitsubishi-Hitachi Metals Machinery,Inc. – an MHI-consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation. The new joint venture will have approximately 9,000 employees and will focus fully on business with iron, steel and aluminum-producing industry.