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.”

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

About NSK

NSK started its journey manufacturing the first bearings in Japan in 1916, and has since developed into a global organization researching, designing, and manufacturing Motion & Control? solutions supporting essential mobility and industry applications.

NSK is currently the top supplier of bearings in Japan, and is the third largest supplier in the world by market share. We are also a world leader in electric power steering and ball screw manufacturing and technology.

Our responsive products and technologies, including a diverse range of solutions for precision machining, are used to enhance automotive performance and industrial productivity while reducing energy consumption to unprecedented low levels.

In the early 1960s we set our sights outside Japan, and to date, have established business sites across 30 countries.