Mitsubishi Heavy Industries, Ltd. (MHI; Tokyo, Japan; www.mhi-global.com) and Siemens AG (Munich, Germany; www.siemens.com) today announced the closing of their joint venture (JV) in the field of metallurgical industry. The new company is named Primetals Technologies, Ltd. and headquartered in London, U.K. With this JV both partners are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry. Mitsubishi-Hitachi Metals Machinery, Inc. — an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corp. — holds a 51% and Siemens a 49% stake in the JV. With closing of the transaction, the JV will start operations with 9,000 employees coming from both partners.
Mitsubishi Heavy Industries and Siemens form metals JV
| By Gerald Ondrey