Thyssenkrupp Automotive, NSK Steering consider joint automotive business

NSK

12/05/2022 07:23

BERLIN, May 12 (Reuters) - Thyssenkrupp  TKAG.DE  and NSK
 6471.T  are considering setting up a joint venture of the
German company's automotive business and the Japanese group's
steering unit to expand their global market positions,
Thyssenkrupp said on Thursday.
    "In the automotive business in particular, size and
economies of scale are key factors for achieving success in
global markets," said Chief Executive Martina Merz in a
statement.
    "A collaboration between our automotive segment and NSK
Steering could help us to further strengthen and expand this
position."
    In a memorandum of understanding both companies agreed on a
phase of non-binding assessment of the relevant businesses
without any preconceived outcomes, Thyssenkrupp said.

 (Reporting by Kirsti Knolle; Editing by Maria Sheahan)
 ((kirsti.knolle@thomsonreuters.com;))