MHI-Hitachi thermal JV goal set

Kyodo

The incoming president of Mitsubishi Heavy Industries Ltd. has said a new company to be created through the integration of thermal power operations with Hitachi Ltd. will aim to achieve sales of up to ¥2 trillion.

“We’d like to first catch up with Siemens (A.G.) at a certain time,” Senior Executive Vice President Shunichi Miyanaga, 64, who will take the helm of Mitsubishi Heavy in April, said Thursday.

The two companies will merge their thermal power operations, including their gas turbine and power generator businesses, into a new firm next January with combined sales of around ¥1.1 trillion, which will compete with international giants such as General Electric Co. and Siemens.

Miyanaga said it is planned that the new company will expand production and sales of gas turbines in the United States, where shale gas production has been rising.