Economy
MHMM to Become Sole Owner of Primetals Technologies
Written by Sandy Williams
October 4, 2019
Primetals Technologies, a leading engineering, plant building and lifecycle services partner for the metals industry, will be solely owned by Mitsubishi-Hitachi Metals Machinery by early next year.
MHMM and Siemens AG, joint owners of Primetals, have agreed that MHMM will acquire Siemens’ 49 percent stake in the company for an undisclosed sum. Closing of the transaction is expected in early 2020 subject to customary regulatory requirements.
Takashi Ishizuka, president and CEO, Industry & Infrastructure of MHI, MHMM’s parent company, expressed his appreciation to Siemens: “I would like to express my deep gratitude to Siemens for their enormous contribution to Primetals Technologies over the past four years and nine months. Primetals Technologies has been able to establish a highly successful business through Siemens’ strong leadership and deep experience in the industrial machinery business. MHI expects that Primetals Technologies will build on these foundations and strengthen its business in the future.”
Primetals was founded in January 2015 as a joint venture of Siemens and Mitsubishi Heavy Industries to provide metals producers with custom-tailored plant equipment. Primetals’ recent focus includes new ecological solutions, the digitalization of all production-related processes, advanced automation, future-oriented designs for linked casting and rolling, and advanced process analysis and optimization.
Primetals will provide its Arvedi ESP (Endless Strip Production) technology for U.S. Steel’s new $1 billion hot strip mill at the Edgar Thomson plant in Pittsburgh.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.