The transaction is part of the formation of a global joint venture called Primetals Technologies.
Mitsubishi Heavy Industries, Ltd. (MHI) and Siemens AG announced the joint venture in the metallurgical industry between Mitsubishi-Hitachi Metals Machinery, Inc. (itself a joint venture between MHI, Hitachi and IHI Corporation) and Siemens. The new company is named Primetals Technologies, Limited and has its headquarters in London.
CHSH Cerha Hempel Spiegelfeld Hlawati advised MHI as Austrian and Romanian counsel in connection with the establishment of the joint venture, in particular the transfer of Siemens VAI Metals Technologies GmbH (formerly known as: Voest-Alpine Industrieanlagenbau GmbH) from Siemens to Primetals Technologies, Limited.
The Austrian team at CHSH consisted of partner Heinrich Foglar-Deinhardstein (corporate, M&A), partner Julian Feichtinger (employment law), partner Mark Krenn (M&A, IP), senior attorney Susanne Molitoris (employment law), associate Stephanie Sauer (corporate, M&A), associate Stefanie Heimel (corporate, M&A) and associate Christina Wieser (corporate, M&A). The Romanian team at CHSH consisted of partner Mirela Nathanzon (corporate, M&A), senior attorney Zizi Popa (corporate, M&A) and associate Anda Nicoara (corporate, M&A).
Hogan Lovells advised MHI as global lead transaction counsel. This is the third global joint venture on which Hogan Lovells has advised MHI in the last three years. The Hogan Lovells team was led out of the London office by corporate partner Ben Higson, supported by a large cross-border, cross-practice team from over 30 jurisdictions, which worked closely with the legal and M&A teams at MHI to complete the transaction.
With this joint venture both partners are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminium industry. Mitsubishi-Hitachi Metals Machinery, Inc. – an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation – holds a 51-percent and Siemens a 49-percent stake in the joint venture. With closing of the transaction, the joint venture will start operations with 9,000 employees coming from both partners.
With the Primetals Technologies joint venture both partners are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminium industry. The joint venture will start operations with 9,000 employees from both partners.