BERLIN — Thyssenkrupp and Japanese provider NSK are contemplating forming an automotive three way partnership, the German conglomerate mentioned on Thursday, because it continues to discover new possession fashions for its key enterprise areas to turn into leaner.

The 2 corporations signed a memorandum of understanding (MoU) to discover a tie-up between Thyssenkrupp’s Automotive Know-how division and NSK’s steering enterprise, Thyssenkrupp mentioned, including the aim was to develop an method for a joint automotive enterprise.

“Within the automotive enterprise specifically, measurement and economies of scale are key elements for reaching success in international markets,” CEO Martina Merz mentioned in a press release.

“A collaboration between our automotive phase and NSK Steering might assist us to additional strengthen and develop this place.”

The 2 corporations have agreed on a section of non-binding evaluation of the related companies and goal to decide on a attainable cooperation mannequin by the top of the 12 months.

Thyssenkrupp Automotive Know-how accounted for a 3rd of the corporate’s adjusted working revenue final 12 months and 13 p.c, or 4.5 billion euros ($4.7 billion), of gross sales.