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Siemens, Mitsubishi Heavy form metals joint venture
Germany’s Siemens said it signed an agreement to enter a joint venture with Japan’s Mitsubishi Heavy Industries to provide “plants, products and services for the iron, steel and aluminum industry”.
The joint venture will be 51-percent owned by Mitsubishi Heavy, while Siemens will hold a 49 percent stake, the Munich-based engineering conglomerate said on Wednesday.
With about 9,000 employees, the venture will start operations in January 2015, pending regulatory approval. (Reporting by Christoph Steitz; Editing by Eric Walsh)
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