IHI to Buy More Overseas Components

According to a May 14 report from Bloomberg, IHI Corp., Japan’s second-largest heavy-machinery maker, plans to increase imports of shipbuilding components to counter a stronger yen. The company’s IHI Marine United Inc. unit plans to buy parts including pumps and motors from South Korea and other nations, said Shigemi Kurahara, the incoming president of the Tokyo-based subsidiary. IHI forecast a 64 percent decline in shipbuilding operating profit this fiscal year to $10m because of the stronger yen.

(Source: Bloomberg)