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MHI: Basic Agreement Reached with JTEKT toward Tie-up in Machine Tool Business


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Aims Set on Enhancing Competitiveness and Expanding Business Scale

Mitsubishi Heavy Industries, Ltd. (MHI) and its wholly owned Group company Mitsubishi Heavy Industries Machine Tool Co., Ltd. (MAT) have reached a basic agreement with JTEKT Corporation to commence discussions toward forming a business partnership, including capital participation, in the field of machine tools and precision tools.

By pooling their respective management resources, the three companies seek to enhance their competitiveness in the market for machine tools and expand their business scale. Their shared aim now is to agree on the conditions necessary to forming a tie-up, and conclude a formal agreement, by July 31, 2018.

Going forward, by integrating their respective areas of proven strength through a formal partnership, MHI, MAT and JTEKT look to pursue synergies in technology, marketing and cost competitiveness, to achieve their further business development.

About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, is one of the world's leading industrial firms with 80,000 group employees and annual consolidated revenues of around 38 billion U.S. dollars. For more than 130 years, the company has channeled big thinking into innovative and integrated solutions that move the world forward. MHI owns a unique business portfolio covering land, sea, sky and even space. MHI delivers innovative and integrated solutions across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems.

For more information, please visit the MHI Group website: http://www.mhi-global.com.

For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: http://spectra.mhi.com.

Mitsubishi Heavy Industries, Ltd.
Joseph Hood, PR Manager
Email: mhi-pr@mhi.co.jp
Tel: +81-(0)3-6716-2168
Fax: +81-(0)3-6716-5860

Source :acnnewswire.com