Siemens AG said Wednesday it has closed a deal to begin a joint venture with Tokyo-based Mitsubishi Heavy Industries Ltd. (MHI), under a new company, Primetals Technologies Ltd. of London.
Primetals will act as a provider of products and services for the iron, steel and aluminum industries, according to a statement from Siemens and Mitsubishi, a German conglomerate that makes steel mills in Worcester, among other locations.
Siemens holds a 49-percent stake in the joint venture, while MHI holds 51 percent. With the closing of the transaction, 9,000 employees from both companies will begin Primetals operations, according to the statement.
“Primetals Technologies’ customers can rely on a powerful global player offering world-leading technologies. With this move we further execute on Siemens (strategy) to strengthen our core activities,” said Joe Kaeser, president and CEO of Siemens.
