Mitsubishi Heavy Industries Ltd (MHI) (www.mhi.com) and its subsidiary Mitsubishi Heavy Industries Machine Tool Co Ltd (MAT) have reached a basic agreement with JTEKT Corporation to discuss forming a business partnership in the field of machine tools and precision tools.

By pooling their management resources, the three companies aim to enhance their competitiveness in the machine tool market and expand the scale of their businesses.

They aim to conclude a formal agreement by 31 July.