Germany's Minister of Economics Peter Altmaier. (picture alliance/dpa)
Germany's Minister of Economics Peter Altmaier, a member of the Christian Democrats (CDU), has granted ministerial approval for a planned joint venture between Miba and Zollern for the manufacture of plain bearings, subject to conditions. Altmaier said on Monday that the venture was important for the energy turnaround and environmental goals. Such a permit is only granted in exceptional cases, when it is in the public interest. Altmaier said that in this case there was an overwhelming public interest and, at the same time, it helped to maintain a competitive SME sector.
The approval is subject to the condition that the joint venture for plain bearings must be operated jointly for at least five years. There is also an investment requirement of 50 million euros.
The metal processor Zollern from Sigmaringen in Baden-Württemberg and the Austrian auto parts manufacturer Miba had applied for ministerial approval for a joint venture for the production of plain bearings. The Federal Cartel Office had previously prohibited the planned merger - because the companies were very strongly positioned, especially in the area of plain bearings for large engines.
Altmaier said that it hadn't been an easy decision. However, plain bearings are a central part of the value chain of products that play an important role in the transformation of energy systems, such as wind turbines or modern gas turbines.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.