NSK, Ltd. and thyssenkrupp AG have signed a memorandum of understanding to explore a joint venture between NSK Steering and thyssenkrupp Automotive.

The steering businesses of both companies are highly complementary and synergetic in terms of product competencies, geographic footprints, and customer groups. We expect the combined technological capabilities will enable the joint venture to better meet the broad and highly technological needs of our respective customers, and allow the combined entity to compete more effectively in the global steering industry.

Martina Merz, CEO of thyssenkrupp AG: “Our clear goal is to lead all our businesses to a top three position in the market. Where it makes technological and strategic sense, we are happy to do this with strong partners at our side. In the automotive business in particular, size and economies of scale are key factors for achieving success in global markets. We are already in an excellent position today with our automotive businesses. A collaboration between our automotive segment and NSK Steering could help us to further strengthen and expand this position.”

Saimon Nogami, Executive Senior Vice President NSK Ltd.: “NSK and thyssenkrupp Automotive share similar customer-oriented culture and a commitment to excellence. The envisaged joint venture will enable us to deliver products and services packed with more value than ever before to our customers around the world.”