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Toshiba and IHI Sign Memorandum of Understanding on JV to Manufacture Turbine Parts for Nuclear Power Plants

26 Apr, 2010

Tokyo, Japan, April 26, 2010—Toshiba Corporation (TOKYO: 6502) and IHI Corporation (TOKYO: 7013) today announced that they have signed a memorandum of understanding (MOU) on the formation of a joint venture to manufacture steam turbine parts for nuclear power plants for the domestic and overseas markets. This move reflects expanding global demand for new nuclear power plants and maintenance services for installed equipment, and will allow the companies to promote best use of management resources in a collaborative framework that enhances competitiveness.

The MOU envisages a new company based at IHI's Headquarters Representative's Office, Yokohama District that will manufacture casings and nozzles, major components of steam turbines for both boiling-water reactors (BWR) and pressurized-water reactors (PWR). The collaboration will allow Toshiba to enhance its steam turbine manufacturing capacity and to strengthen its nuclear power plant business supply chain; IHI will extend its business to the manufacture of turbines components, alongside its current manufacture of nuclear reactor pressure vessels and containment vessels.

The growing recognition of nuclear power as a solution to long term energy security and a counter to climate change from rising CO2 levels is driving demand for nuclear power plants. Toshiba and IHI have an established relationship and record of success in the construction of BWR plants and in maintenance services for installed equipment for BWR. Both companies are also reinforcing their efforts to promote business in the PWR market. IHI is a shareholder in Westinghouse Electric Company (WEC), the global leader in PWR power plants, which is majority owned by Toshiba.

Toshiba, a leader in the global nuclear power generation industry, able to deliver both BWR and PWR, and IHI, the world's leading manufacturer of BWR pressure vessels, will establish a more robust relationship through the JV and continue to respond to expanding demand in the nuclear power market.

Outline of the New Joint Venture

Name: To be decided
Established: October 2010 (planned)
Location: 1, Shin Nakahara-Cho, Isogo-ku, Yokohama, Kanagawa
Prefecture, Japan (within IHI's Headquarters Representative's Office, Yokohama District)
Business: Manufacture of steam turbine parts (casings and nozzles) for new nuclear power plants and maintenance services for installed equipment
Ownership: To be decided
Capital: 300 million in Japanese yen (planned)
President: Not yet determined

 

About Toshiba

Toshiba is a world leader and innovator in pioneering high technology, and a diversified manufacturer and marketer of advanced electronic and electrical products spanning information & communications systems; digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 740 companies, with 199,000 employees worldwide. Visit Toshiba's web site at www.toshiba.co.jp/index.htm

About IHI

IHI, established in 1853, is a multi-national leader in providing energy and chemical plants, physical distribution systems and steel structures, aero-engine and space technology, industrial machinery, shipbuilding and marine engineering, and mass-produced machinery. With annual net sales of nearly $13 billion (U.S. dollars) and more than 24,000 employees, IHI contributes to the stable supply of electric power by providing the primary equipment for thermal and nuclear power systems.

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Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement, but is subject to change without prior notice.

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