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
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