Thyssenkrupp Automotive, NSK Steering consider joint automotive business, Auto News, ET Auto

Thyssenkrupp Automotive, NSK Steering consider joint automotive business
Thyssenkrupp and NSK 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.

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The conglomerate, which runs its business year from October to September, turned a net profit of 565 million euros ($596 million) in the second quarter, compared with a loss of 211 million euros in the same period last year.

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