ARQIS advises listed IHI Corporation on the sale of Steinmüller Engineering to Mutares

21. October 2026

ARQIS provided comprehensive legal advice to the globally active IHI Corporation on the sale of all its shares in Steinmüller Engineering GmbH to Mutares SE & Co. KGaA Group. The transaction will strengthen Steinmüller Engineering’s sustainable growth and competitiveness, particularly through synergies arising from Mutares’ existing portfolio. Through this step, IHI will be able to optimize its Carbon Solutions business and focus more strategically on future-oriented and high-growth business areas. The transaction was signed in September 2026 and closed in October 2026.

IHI Corporation, established in 1853, is a global operating Japanese technology and industrial group headquartered in Tokyo. The company operates in the fields of Resource, Energy and Environment; Social Infrastructure; Industrial Systems and General-Purpose Machinery; as well as Aero Engine, Space and Defense business. In the fiscal year 2025, IHI generated consolidated revenue of approximately JPY 1.64 trillion and employs more than 26,000 people worldwide. IHI is listed on the Tokyo Stock Exchange.

Steinmüller Engineering GmbH, headquartered in Gummersbach (Germany), traces its roots back to 1874. It provides thermal process engineering solutions for the energy and industrial sectors. The company offers engineering, procurement, and turnkey EPC solutions for firing and combustion systems, flue gas cleaning, and heat transfer applications.

Mutares, headquartered in Munich, is an internationally active listed private equity investor. Its investment focus is on companies with significant development potential and established business models, particularly in the Automotive & Mobility, Energy & Technology, and Infrastructure & Defence sectors.

An ARQIS team headed by Dr. Shigeo Yamaguchi and Dr. Meiko Dillmann advised IHI Corporation on all legal aspects of this transaction. The team led an international legal team consisting of TMI Associates (Japan) and Gide (Morocco).

Advisor IHI Corporation
ARQIS (Dusseldorf): Partners: Dr. Shigeo Yamaguchi (Dusseldorf), Dr. Meiko Dillmann (Munich, both Lead and Japan Desk), Dr. Friedrich Gebert (Regulatory), Johannes Landry (Restructuring), Lisa-Marie Niklas (HR Law), Tobias Neufeld (Tech Law), Marcus Nothhelfer (IP, Munich), Dr. Christof Schneider (Transactions); Of-Counsel: Dimitrios Christopoulos (Dispute Resolution); Counsel: Dr. Yohei Nagata-Vogelsang (Japan Desk), Dennis Reisich (Tax, Munich), Martin Weingärtner (HR Law); Managing Associates: Dr. Hanna Caesar (HR Law), Anselm Graf (Transactions, Munich), Dr. Bernhard Gröhe (Regulatory), Marius Mesenbrink (Japan Desk); Associates: Carla Benkelberg (Regulatory), Anna Munsch (HR Law), Dr. Julia Wildgans (IP, Munich); Foreign Lawyer: Miho Kuramochi (Japan Desk); Legal Specialist: Tim Kottmann