Primetals Technologies started operations

Mitsubishi Heavy Industries, Ltd. (MHI) and Siemens AG today announced the closing of their joint venture in the field of metallurgical industry. The new company is named Primetals Technologies, Limited and is based in London, UK.

Shunichi Miyanaga, President and CEO of Mitsubishi Heavy Industries said that "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."

At the same time, Joe Kaeser, President and Chief Executive Officer explained that "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".

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, Inc. - an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation - holds a 51% and Siemens a 49% stake in the JV.

Primetals Technologies will operate with 9,000 employees at more than 40 locations based in Asia, Europe, Russia, the Americas and Africa to serve customers in the global metals market.