IHI Corporation and Toshiba Corporation today announced that, further to a definitive agreement signed in July 2010, they have established a joint venture to manufacture steam turbine parts for nuclear power plants for the domestic and overseas markets. The JV will allow IHI to extend its operations to major components of turbines, alongside the manufacture of nuclear reactor pressure vessels and containment vessels, while Toshiba will enhance its turbine manufacturing capacity and strengthen its nuclear power plant business supply chain.
The new company, Toshiba IHI Power Systems Corporation, is located in a 30,000 square meter facility within IHI’s Headquarters Representative’s Office, Yokohama District, in Yokohama. The JV will combine state-of-the-art manufacturing facilities for large-scale components with an engineering structure integrating highly advanced IT, including state-of-the-art 3D-CAD systems. Operations will center on the manufacture of casings and nozzles, major components of steam turbines for both boiling-water reactors and pressurized-water reactors.
Recognition of nuclear power as an essential tool for securing long term energy security and countering climate change from rising CO2 levels is driving demand for nuclear power plants. IHI and Toshiba have an established relationship and record of success in the construction of BWR plants and in maintenance services for installed equipment for BWR, and both companies are also reinforcing efforts to promote business in the PWR market. IHI is a shareholder in Westinghouse Electric Company, the global leader in PWR power plants, which is majority owned by Toshiba.