Thyssenkrupp AG announced on Thursday it signed a memorandum of understanding (MoU) with Japanese industrial group NSK to explore the possibility of creating a joint venture (JV) in the automotive business.
"Our clear goal is to lead all our businesses to a top-three position in the market," Thyssenkrupp CEO Martina Merz (pictured) stated. "In the automotive business in particular, size and economies of scale are key factors for achieving success in global markets. We are already in an excellent position today with our automotive businesses. A collaboration between our automotive segment and NSK Steering could help us to further strengthen and expand this position," she added.
The companies agreed on a "phase of non-binding assessment of the relevant businesses without any preconceived outcomes" and could make a final decision on whether to form the JV by the end of the year.
