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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Shipbuilding

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1839 sec (5 req/sec)