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Austria: Mitsubishi Takes Over Majority Stake in Siemens‘ VAI
Politics ♦
Published: May 7, 2014; 15:16 ♦ (Vindobona)
The industrial systems subsidiary of Siemens, VAI with the business location in Linz, is sold to Japanese competitor Mitsubishi Heavy Industries (MHI).
How much of Siemens VAI will be relocated? / Picture: © Vindobona.org
MHI will hold 51 percent while Siemens will keep 49 percent in stakes. The joint venture is supposed to have 9,000 employees. A selling price for the transaction was not published. The joint venture will commence operations from January 2015 on with headquarters to be relocated to the United Kingdom.
Joint Venture Mitsubishi-Hitachi Metals Machinery, Inc. (MH) will be included in…
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