Imbari Shipbuilding Seals the Deal on Japan Marine United

Imabari Shipbuilding Co., Ltd., JFE Holdings, Inc. and IHI Corporation reached an agreement under which Imabari Shipbuilding will acquire a portion of the shares of Japan Marine United Corporation owned by JFE and IHI.

Imabari Shipbuilding and JMU established a capital and business alliance and joint sales and design company, Nippon Shipyard, on January 1, 2021, to enhance the international competitiveness of both companies' commercial ship businesses. However, in light of the global market environment that is expected to become even more competitive in the future, Imabari Shipbuilding and JMU have determined that they need to further strengthen their competitiveness through further collaboration, and have therefore reached this agreement.

This transaction is subject to notification and approval from the relevant authorities in Japan and overseas, and the voting rights ratio in JMU is expected to change from the current Imabari Shipbuilding: 30%, JFE: 35%, IHI: 35% to Imabari Shipbuilding: 60%, JFE: 20%, IHI: 20% after the transaction is completed. In addition, there will be no change to NSY's business operations or investment ratio as a result of this transaction.