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
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.
House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.
Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)