Siemens, Yaskawa form joint venture
Siemens AG announced Aug. 31 that its Automation and Drives Group is establishing a joint venture with Japan-based Yaskawa Electric Co. worth a projected DM 360 million. The joint venture will include Siemens’ Oct. 1 purchase of 50% of Yaskawa’s System Engineering Corp. subsidiary. The new organization—Yaskawa Siemens Automation & Drives Corp.—will be located in Kita-Kyushu, Japan, and will employ about 350 people. It will manufacture drive and control systems for textile, plastics, printing, and other production machinery. The two firms report the Japanese market for these systems reached more than DM 3 billion in 1998 and the world market totaled DM 12 billion for the same period.