Siemens, Mitsubishi Heavy Industries Form JV
Siemens and Mitsubishi Heavy Industries (MHI) are establishing a joint venture to cooperate in the metallurgical industry. The companies will partner to be a complete provider for plants, products and services for the iron, steel and aluminum industries. MHI will hold a 51% stake in the joint venture, which will start operations in January 2015, and Siemens will hold the remaining 49%. By combining product portfolios, Siemens and MHI can offer customers the entire value chain, from technologies for processing raw materials to surface finishing at the end of the production process. The JV, which will be based in the U.K. with approximately 9,000 employees, includes supply agreements for Siemens' Industry Automation and Drive Technologies divisions.