Hitachi, Mitsubishi Industries to merge power system operations into JV

Hitachi and Mitsubishi Heavy Industries have reached a basic agreement, through the resolution of the board of directors of both companies, on integrating businesses in fields centered on thermal power generation systems and jointly managing these operations. The companies plan to integrate this business by consolidating their respective operations centered on thermal power generation systems within a joint venture company by January 1, 2014. MHI and Hitachi will take equity interests of 65% and 35%, respectively, in the JV company.