Japan’s Mitsubishi Heavy Industries Ltd. (MHI) – a world leading heavy machinery manufacturer – and Siemens AG – one of the world’s largest producers of energy-efficient, resource-saving technologies – have announced that their joint venture Primetals Technologies, Limited has officially started operations.
The globally operating complete provider for plants, products and services for the iron, steel and aluminium industry is headquartered in London, UK.
According to the press release by Siemens, Mitsubishi-Hitachi Metals Machinery, Inc. – an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation – holds a 51% and Siemens a 49% stake in the joint venture.
“MHI and Siemens have been sharing extremely favourable “chemistry” in their corporate cultures, and each of them has different areas of strength in terms of both products and geographic regions, and therefore we stand to benefit significantly from synergy merits. By joining forces, we will be able to provide customers with even better solutions than ever before,” commented Shunichi Miyanaga, President and CEO of Mitsubishi Heavy Industries.
“With Mitsubishi Heavy Industries, we have a trusted partner with an outstanding technology portfolio. Primetals Technologies’ customers can rely on a powerful global player offering world-leading technologies. With this move we further execute on Siemens Vision 2020 to strengthen our core activities,” said Joe Kaeser, President and CEO of Siemens.
With the closing of the transaction, the joint venture will start operations with 9,000 employees coming from both partners.