(MENAFN) Japan's Hitachi and Swiss engineering giant ABB said they will set up a joint venture to market power transmission equipment in Japan as the latter is deregulates the protected sector, AFP reported.
Under the terms of the deal, Hitachi and ABB will take a 51 percent and 49 percent stake in the new business, respectively, the two firms said in a joint statement.
By joining forces, Hitachi and ABB also hope to compete on a stronger footing with US engineering titan General Electric and other overseas giants in the global market.
"Hitachi and ABB will explore further strengthening of the relationship and address opportunities to widen the scope for future collaboration," the statement said.
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