US castings group Howmet is to increase its stake in the Japanese joint venture it has with Komatsu, taking its share to a controlling 81%. The joint venture, which was set up in 1972, had sales last year of ´5.3 billion ($38 million) making aerospace and industrial gas turbines for the major Japanese heavy industrial groups from a new enlarged plant in Terai. Komatsu will continue to hold 19%. Howmet, now majority owned by Cordant Technologies, says the deal is part of its strategy to increase its lead in investment casting.
Source: Flight International