In a statement, Mitsubishi-Hitachi Metals Machinery said it will acquire Siemens' 49% stake in Primetals Technologies for an undisclosed amount. The deal is to close in early 2020.

The two created Primetals Technologies in 2014 as a way to manage challenging business environments and high market price pressures. 

"We have successfully brought together our activities in metal plant equipment and have achieved a lot together. Now the time is right for Primetals to develop even further under the full ownership of Mitsubishi-Hitachi Metals Machinery,” said Siemens chairman Jochen Eickholt.

Takashi Ishizuka, president and chief executive for industry and infrastructure at Mitsubishi Heavy Industries, Mitsubishi-Hitachi’s parent, said Primetals Technologies will build on the foundation that was laid through the partnership and strengthen its business going forward.

"I would like to express my deep gratitude to Siemens for their enormous contribution to Primetals Technologies over the past four years and nine months. Primetals Technologies has been able to establish a highly successful business through Siemens' strong leadership and deep experience in the industrial machinery business,” he said.