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Joint Venture of Mitsubishi Heavy Industries and Siemens starts operationsMunich / Tokyo, )
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".
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 3,349.5 billion yen in fiscal 2013, the year ended March 31, 2014. MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space systems and air-conditioning systems.
For more information, please visit the MHI website (http://www.mhi-global.com/index.html).
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