Mitsubishi Heavy Industries, Ltd (MHI) and Siemens AG today announced the closing of their joint venture in the field of metallurgical industry. The new company is named Primetals Technologies, Limited and headquartered in London, UK. With this joint venture 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 Corporation - holds a 51-percent and Siemens a 49-percent stake in the joint venture. With closing of the transaction, the joint venture will start operations with 9,000 employees coming from both partners.
Shunichi Miyanaga, President and CEO of Mitsubishi Heavy Industries, "MHI and Siemens have been sharing extremely favorable "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. "
Joe Kaeser, President and CEO of Siemens: "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".