Mitsubishi Heavy Industries Ltd., Japan, and Siemens AG, Germany, announce the beginning of operations of their joint venture Primetals Technologies Ltd., headquartered in London. Primetals is a provider of complete services for plants, products, and services for the iron, steel, and aluminum industries. Mitsubishi-Hitachi Metals Machinery Inc. holds a 51% and Siemens a 49% stake in the joint venture.
With closing of the transaction, the joint venture will start operations with 9000 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 Siemens Vision 2020 to strengthen our core activities.”
