May 7, 2014 / 12:05 AM / 4 years ago

Siemens, Mitsubishi Heavy form metals joint venture

FRANKFURT (Reuters) - Germany’s Siemens (SIEGn.DE) said it signed an agreement to enter a joint venture with Japan’s Mitsubishi Heavy Industries (7011.T) 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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