Toshiba, IHI agree on turbine joint venture
26 July 2010
Japan's Toshiba Corp and IHI Corp have signed a definitive agreement on forming a joint venture to manufacture steam turbine components for nuclear power plants at home and abroad. The two companies signed a memorandum of understanding (MoU) in April to establish the joint venture. Toshiba and IHI plan to have the new joint venture company - Toshiba IHI Power Systems Corp - in place by January 2011. It will be 52% owned by IHI, while Toshiba will hold the remaining 48%. The company will manufacture casings and nozzles for steam turbines at new nuclear power plants for both pressurised water reactors (PWRs) and boiling water reactors (BWRs) for the domestic and overseas markets, as well as providing maintenance services for installed equipment. Based at Yokohama, within IHI's Yokohama headquarters representatives office, the joint venture will have a planned capital of ¥310 million ($3.6 million).
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