Japan's Toshiba Plant Systems & Services Corp. and JFE Engineering, a unit of steelmaker JFE Holdings Inc., said Wednesday they have signed a contract to jointly make and sell steam turbines for power generation.
The lucrative market for power generation equipment is fostering tie-ups that cross industry lines.
JFE is one of Japan's larger steel manufacturers, and Toshiba Plant Systems is a group company of Toshiba Corp., a massive electronics and semiconductor conglomerate.
The companies said in a joint press release the deal will allow Toshiba Plant Systems to expand its products to turbines for thermal generators of 100 megawatts and below. It will also allow JFE Holdings to expand its offerings to larger, higher-specification turbines.
Toshiba has been aggressively expanding into power generation equipment. The company last year acquired a 77-percent stake in U.S.-based nuclear power plant maker Westinghouse Electric Co.
Toshiba and JFE gave no financial details of their tie-up.
Turkey has found itself in a circle of countries subject to US and European sanctions. Are they dangerous for Ankara? What is Turkey going to do in response?