Mitsubishi Heavy Industries, Siemens launch joint venture

Mitsubishi Heavy Industries Ltd. (MHI), Tokyo, and Siemens AG, Berlin and Munich, have launched a joint venture in the metallurgical industry. The new company, Primetals Technologies Ltd. in London, is a globally operating provider of products and services for the iron, steel, and aluminum industries.

Mitsubishi-Hitachi Metals Machinery Inc., an MHI consolidated group company with equity participation by Hitachi Ltd. and IHI Corp., holds a 51 percent and Siemens a 49 percent stake in the joint venture.

The joint venture starts operations with 9,000 employees coming from both partners.