Mitsubishi Hitachi Power Systems, one of the world’s major turbine manufacturers since a massive 2014 joint venture, is officially changing its name next month as the two companies finalize the most symbolic element of their split.
The new name is Mitsubishi Power. Parent Mitsubishi Heavy Industries Group gained the remaining 35 percent of interest in the original equipment manufacture (OEM) from Hitachi in an agreement announced late last year.
The name takes effect on September 1. The move ends a six-year joint venture between Mitsubishi and Hitachi’s power systems as they sought to build scale and compete with other global OEMs such as Siemens and General Electric.
Hitachi agreed to buy its way out of the joint venture after a reported conflict over issues related to coal-fired plant projects in South Africa. All MHPS companies will change their name to the new designation or carry the parent MHI tag, including precision casting, environmental solutions, inspection and turbine operations and service.
“I am pleased that MHI and Hitachi have been able to settle this case,” MHI CEO Seiji Izumisawa said in a statement after the December 2019 announcement. “Despite a significant gap in the way we viewed the situation, we continued earnest discussions and were able to land on a conclusion that both sides could accept.”
Mitsubishi Power will continue to build thermal and geothermal plant projects, as well as manufacture and service gas and steam turbines, boilers and control systems.
Hitachi, meanwhile, is strengthening its power grid portfolio with the acquisition of ABB’s power grids division announced last year. The ABB business will eventually be known as Hitachi, according to reports.