The term business joint ventures refer to two independent companies or more who agree to establish a new company. These companies legally commit themselves to contribute equity for the new company, as well as share their technology and skills. In return, they share both profits or losses and control over this organization.

With so much competition in the consumer world of today, businesses from all sectors must strive to optimise their output. And for manufacturers, they must be open to new ideas and consider innovative working methods, strategies and technologies.