MHMM to acquire Siemens’ 49% stake in Primetals
15 October 2019
Mitsubishi-Hitachi Metals Machinery (MHMM) – an MHI group company – and Siemens AG reached an agreement that MHMM will acquire Siemens’ 49% stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by early 2020. Siemens will support the process to ensure a successful closing of the transaction. Following closing, MHMM will assume sole control of Primetals Technologies.
Primetals Technologies was established in January 2015 and grew out of a long history of innovation in the field of metals production established by its predecessor entities, Mitsubishi-Hitachi Metals Machinery and Siemens VAI. Primetals Technologies is an engineering, plant-building, and lifecycle services partner for the metals industry offering a complete technology, product, and service portfolio that includes integrated electrics, automation, and environmental solutions. Its creation was a result of the desire to closely collaborate in the field of metals machinery and develop an enterprise between MHI and Siemens that would be renowned for its technical and business excellence.