Financial details were not disclosed. Mitsubishi-Hitachi Metals Machinery (MHMM) - a group of companies Mitsubishi Heavy Industries (MHI) - and Siemens AG agreed on September 30, 2019 that MHMM will acquire 49% of Siemens shares in Primetals Technologies. Completion of the transaction is subject to normal terms and is expected in early 2020. Siemens will support the process to ensure the successful completion of the transaction. MHMM will take sole control of Primetals Technologies upon completion.
Primetals Technologies was founded in January 2015 and is a global leader in mechanical engineering, engineering and lifecycle services for the metals industry. The company offers a comprehensive portfolio of technologies, products and services with integrated solutions for electrification, automation and environmental protection. The company was founded with the aim of strengthening cooperation in the field of mechanical engineering for the metallurgical industry and the creation of a joint venture MHI and Siemens.
Takashi Ishizuka, President and CEO of MHI, MHMM's parent manufacturing and infrastructure company, expressed his gratitude to Siemens: “I would like to express my sincere gratitude to Siemens for its enormous contribution to Primetals Technologies over the past four years and nine months. Primetals Technologies has built a very successful company thanks to Siemens' strong leadership and years of experience in industrial equipment. MHI expects Primetals Technologies to strengthen its business in the future on this basis. ”
Jochen Eichholt, President of Siemens Portfolio Companies, said: “We have successfully combined our metalworking machinery business and achieved a lot together. It's time for Primetals Technologies to grow into Mitsubishi-Hitachi Metals Machinery as sole owner. An agreement with MHI benefits both customers, employees and owners.
Satoru Iijima, CEO and Chairman of the Board of Directors of Primetals Technologies, also expressed his sincere gratitude to Siemens and looked forward to future collaboration opportunities: “We have learned a lot from what Siemens has brought to Primetals Technologies. Siemens' strong focus on productivity, production-focused processes and enhanced automation has allowed Primetals Technologies to improve in all areas and prepare for the challenges we will face in the coming years. ”