Twin Disc Expands Marine Presence In Japan

Friday, February 02, 2001
Twin Disc is forming a majority-owned joint venture with Niigata Engineering Company, Ltd., of Tokyo, Japan. Twin Disc has had a long-standing and mutually successful relationship with Niigata Engineering. The new venture, named NICO Transmissions Co., Inc., will be an engineering and marketing company supporting Twin Disc's expanding global marine product line as well as a distribution company for NICO's family of transmission products.

Twin Disc also reported that it has sold its 25% ownership position in the Niigata Converter Company to Niigata Engineering and, as a result, will realize a pre-tax gain in its fiscal third quarter ending March 31, 2001. A portion of the gain, estimated to be approximately $2.7 million, will capitalize the new venture. Niigata Converter is being merged into Niigata Engineering.

Twin Disc Chairman and Chief Executive Officer Michael E. Batten stated: "We are pleased to be taking these steps with our Japanese associates, which will extend our already successful 48-year relationship into a new phase of cooperation. The terms of the joint venture agreement provide Twin Disc with exclusive distribution rights for NICO's marine transmissions up to 4,000 horsepower outside Japan and Korea and the capability of rationalizing NICO's and Twin Disc's marine product lines in the future. Twin Disc also will represent NICO's remaining products on a global basis. Niigata Engineering will benefit from the efficiencies of consolidating Niigata Converter's manufacturing operations. After a brief transitional period, we expect operations to commence on April 1."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Cavotec, ABB Partner on Shore-to-ship Power

Cavotec and ABB have signed a Memorandum of Understanding to jointly offer complete shore-to-ship power solutions globally. Such solutions allow vessels to plug

Fincantieri Orders Heat Power Systems for Cruise Newbuilds

Italian shipbuilding group Fincantieri has selected Climeon’s heat power system Climeon Ocean for its energy efficient solutions, purchasing six Climeon Ocean 450M

Langh Tech Scrubbers for Norwegian Cruise Line Newbuilds

Finnish manufacturer and supplier of scrubber solutions Langh Tech will deliver scrubber systems to two new cruise vessels on order at Meyer Werft in Papenburg for (NCL).

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0481 sec (21 req/sec)