Japanese Shipbuilders to Merge

Friday, February 23, 2001
Japanese shipbuilder Hitachi Zosen Corp and steelmaker NKK Corp. agreed to merge their shipbuilding operations into a single company on October 1, 2002. The move, which will result in Japan's second-biggest shipmaker after Mitsubishi Heavy Industries Ltd., is aimed at coping with increasingly harsh global competition by reducing production costs and speeding up product development. It comes as a growing number of Japanese companies are forming alliances in the shipbuilding industry to compete with South Korean rivals, which are benefiting from low manufacturing costs and the weakened won. The news boosted shares of both companies. NKK surged 9.52 percent to close at 92 yen, its highest price for the business year to March, while Hitachi Zosen jumped 4.49 percent to 93 yen. The 50/50 joint venture, which will employ 3,000 people, is expected to chalk up more than 150 billion yen ($1.28 billion) in annual sales, the firms said, adding that the new company's capitalization would be determined by the end of the year. "We expect the integration of funds and human resources to create synergy in our research and development," Hitachi Zosen President Iso Minami told a news conference. The firms had said last May that they would begin talks on cooperating in shipbuilding to bolster competitiveness. Hitachi Zosen's other areas of business are machinery and heavy engineering, including steel bridges, gates for dams and incinerators. - (Reuters)
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

2 Americans Rescued North of Cuba

A Coast Guard MH-60 helicopter crew rescued two American sailors whose vessel ran aground approximately 25 miles north of Gibara, Cuba, Friday. Watchstanders

Shell CEO Backs Fossil Fuels, Climate Change Warnings

The world's fossil fuel reserves cannot be burned unless some way is found to capture their carbon emissions, Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said on Friday.

Severe Flooding Cuts Off Lone Road to Alaska's Oilfield

Alaska's lone road to North Slope oil field operations remains closed for the third time in two months while emergency crews continue to redirect flooding from an adjacent river,

Shipbuilding

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

ERMA Bullish on Ballast Water Treatment

After having delivered several BWTS systems in Kita Nihon shipyard in Japan, one more ERMA FIRST BWTS was successfully installed onboard the Bulk Carrier M/V SCARABÉ(DWT: 60,

USS Freedom (LCS 1) Completes Rough Water Trials

The littoral combat ship USS Freedom (LCS 1) completed Seakeeping and Structural Loads Trials, commonly referred to as Rough Water Trials (RWT) in late March the Navy reported May 21.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1739 sec (6 req/sec)