Austria-based Siemens AG announced on Wednesday, January 7, that its joint venture with Japan's Mitsubishi Heavy Industries in the field of metallurgical industry has started operations.
The new company is named Primetals Technologies, Limited and is headquartered in London,
UK. With this joint venture, both partners are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry. Mitsubishi-Hitachi Metals Machinery, part of Mitsubishi Heavy Industries, holds a 51 percent stake, while Siemens has a 49 percent stake in the joint venture.