Mitsubishi Heavy Industries Ltd. said Tuesday it has agreed with a Chinese steam turbine manufacturer to set up a joint venture to enhance their global competitiveness.
The marketing and designing unit for small, midsize and marine-use steam turbines will begin operating in March in Qingdao, Shandong Province, under the name Mitsubishi Heavy Industries Jieneng (Qingdao) Steam Turbine Co., it said.
The new firm will be capitalized at 31 million yuan, or ¥400 million, with the Japanese company holding a 51 percent stake and its Chinese partner, Qingdao Jieneng Steam Turbine Group Co., the remaining 49 percent.