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Siemens and Mitsubishi Heavy Industries form joint venture for metals industry - Core Sector Communique

Siemens and Mitsubishi Heavy Industries form joint venture for metals industry

siemens

• Strong partners with complementing technological competencies found joint venture
• Existing regional organizations ideally complement one another
• Structures tailored to global market requirements and the internationalcompetitive environment

Siemens and Mitsubishi Heavy Industries (MHI) want to cooperate in the field of metallurgical industry and are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry. Responding to the challenging market environment and high price pressure, two strong partners are bundling their individual strengths and establishing a powerful and globally well positioned joint venture. An agreement to this effect has just been signed. According to the agreement, MHI will hold a 51-percent and Siemens a 49-percent stake in the joint venture. Subject to approval of the relevant authorities, the joint venture will start operations in January 2015.

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