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

People & Company News

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

David Palacios is Director of Quality, Environment & Safety, SENER

The engineering and technology group SENER has brought together its Quality, Environment and Safety divisions into one unified Department. The move aims to reorganize

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Shipbuilding

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Lilaas Engages Imtra for N. American Distribution

Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.1285 sec (8 req/sec)