Gleason Corp. announced today that it is in the process of forming a joint venture company with Harbin No. 1 Tool Corp. for the production of precision gear cutting tools.
Both companies plan to produce high precision gear cutting tools and provide service to end user markets. The joint venture will be named Gleason Yi Gong (Harbin) Cutting Tools Co., Ltd.
In the mid-1980s, Gleason licensed Harbin for certain tool technologies. Gleason will now contribute and license its latest technology, including proprietary equipment and software as well as provide support in the form of technical know-how and training.
A letter of intent has been signed detailing the terms of the joint venture which is slated to begin in the third quarter of this year. Gleason and Harbin No. 1 will own 70% and 30% of the joint venture, respectively.