NSK and thyssenkrupp evaluate automotive joint venture

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NSK Ltd and thyssenkrupp AG have signed a memorandum of understanding (MoU) to explore a potential joint venture between NSK Steering and thyssenkrupp Automotive. Both companies will now enter an assessment phase before taking a decision on any future collaboration before the end of 2022.

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. 

About NSK Europe 

NSK Europe Ltd. is the European organisation of the Tokyo-based bearing manufacturer NSK, which was founded in Japan in 1916 and today employs nearly 30,400 people in its worldwide operations. The products and solutions provided by the industrial and automotive supplier can be found wherever things move. In addition to nearly all types of rolling bearings, the company’s portfolio includes housed bearings, linear technology, wheel bearing units, transmission and engine bearings and steering systems. The company is oriented to perfection in all of its business activities. Its aim is quality leadership in its industry, which it strives for through a continuous process of improvement, excellent product development, optimised production processes and customer-oriented service processes. In fiscal year 2020, the more than 4,350 employees of NSK Europe Ltd. generated sales of over € 792 million.