Joint venture for nuclear steam turbines

Monday, 17 January 2011 Toshiba and IHI have announced the formation of a joint venture company, Toshiba IHI Power Systems Corporation, that will manufacture steam turbine components for nuclear power stations. The company, which is to be located in a 30,000 square metre facility at IHI's Yokohama base, will focus on producing casings and nozzles for turbines and intends to sell to both domestic and overseas markets. IHI holds 52% of the project and Toshiba holds the remaining 48%. Yuji Yamada of Toshiba has been confirmed as president and the vice president is IHI's Tatsuto Urabe. The joint venture brings mutual benefits to the parent companies, they said – it extends IHI's traditional areas of operation beyond the manufacture of nuclear pressure and containment vessels and allows Toshiba to add to its turbine manufacturing capacity. Both Toshiba and IHI are shareholders in Westinghouse; Toshiba holds 63% of the nuclear vendor company's shares, while IHI holds 3%.