Mitsubishi Heavy, Siemens to set up metals JV

Japan's Mitsubishi Heavy Industries Ltd. (MHI) said Wednesday that it signed an agreement with Germany' s Siemens to form a joint venture for steel and metal production machinery, local media reported.

They aim to provide "plants, products and services for the iron, steel and aluminum industry" and to accelerate globalization, Mitsubishi Heavy said in a statement released earlier the day.

The joint venture will be 51-percent owned by Mitsubishi- Hitachi Metals Machinery Inc., an MHI group company, while Siemens will hold a 49 percent stake. The chief executive for the new company is yet to be decided, said Japan's Kyodo News Agency.

The new joint venture will operate in six regional bases, including Japan, Germany, China and the United States, and will have approximately 9,000 employees.