Siemens and Mitsubishi Heavy Industries set up JV for metal industry

Austria-based plantmaker Siemens Metals Technologies has announced that, together with Japanese Mitsubishi Heavy Industries (MHI), they are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry.
 
Siemens and MHI signed an agreement according to which 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.
 
The portfolios of the two partners ideally complement one another. By combining both portfolios, the joint venture can offer its customers the entire value chain in iron, steel and aluminum production, from technologies for processing raw materials to surface finishing at the end of the production process, as well as the related lifecycle service competencies.