The emblem of German steelmaker ThyssenKrupp AG is seen on an escalator at Frankfurt’s major railways station in Frankfurt, Germany, January 23, 2020. REUTERS/Wolfgang Rattay/Files
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BERLIN, May 12 (Reuters) – Thyssenkrupp (TKAG.DE) and Japan’s NSK (6471.T) are contemplating forming an automotive three way partnership, the German conglomerate stated on Thursday, because it continues to discover new possession fashions for its key enterprise areas to turn out to be leaner.
The two corporations signed a memorandum of understanding (MoU) to discover a tie-up between Thyssenkrupp’s Automotive Technology division and NSK’s steering enterprise, Thyssenkrupp stated, including the aim was to develop an strategy for a joint automotive enterprise.
“In the automotive business in particular, size and economies of scale are key factors for achieving success in global markets,” Chief Executive Martina Merz stated in a press release.
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“A collaboration between our automotive segment and NSK Steering could help us to further strengthen and expand this position.”
The two corporations have agreed on a section of non-binding evaluation of the related companies, and purpose to decide on a attainable cooperation mannequin by the tip of the 12 months.
Thyssenkrupp Automotive Technology accounted for a 3rd of the corporate’s adjusted working revenue final 12 months and 13%, or 4.5 billion euros ($4.7 billion), of gross sales.
($1 = 0.9518 euros)
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Reporting by Kirsti Knolle and Christoph Steitz; Editing by Maria Sheahan
Our Standards: The Thomson Reuters Trust Principles.
Germany’s Thyssenkrupp, Japan’s NSK mull automotive JV & More Latest News Update
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