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said Tuesday that it will set up a joint venture with German paper machine manufacturer Voith Paper Holding GmbH next Monday for the design and installation of paper manufacturing equipment in Japan.

To be capitalized at 490 million yen and headquartered in Tokyo, Voith IHI Paper Technology will be owned 70 percent by IHI and the remainder by the German company, IHI said in a press release.

The joint venture will also be responsible for marketing in Japan but will have no manufacturing facilities in Japan.

IHI has sold Voith products in Japan for 20 years under a license from the German company, the world’s largest maker of paper manufacturing machines.

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