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The steering businesses of both companies are highly complementary and synergetic with regard to product competencies, geographic footprints and customer groups. NSK expects the combined capabilities will enable the joint venture to meet the broad and highly technological needs of global automotive customers. It will also allow the combined entity to compete more effectively in the global steering industry.

Saimon Nogami, Executive Senior Vice President of NSK Ltd, says: “NSK Steering and thyssenkrupp Automotive share a 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.”

Martina Merz, CEO of thyssenkrupp AG, adds: “Our clear goal is to lead all of 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’re 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.”

Steering systems from NSK centre on innovative products such as lightweight and compact electric power steering (EPS), manual steering columns with adjustment capability and effective energy absorption features, and lightweight joints and shafts offering numerous integrated functions.

With the signed MoU, both companies agree on a non-binding assessment phase of the relevant businesses without any preconceived outcomes. A decision on a possible cooperation model will be taken by the end of the year.