Japan's Top 2 Shipbuilders to Form Joint Company in Oct.
Tokyo, March 27 (Jiji Press)--Imabari Shipbuilding Co. and Japan Marine United Corp., Japan's largest and second-largest shipbuilders, said Friday they will establish a joint company on Oct. 1 to design and sell commercial ships.
Imabari and JMU aim to strengthen their production efficiency through the tie-up to survive tough competition with South Korean and Chinese rivals.
The new company, Nihon Shipyard Co., will be established with 100 million yen in capital, which will be owned 51 pct by Imabari and 49 pct by JMU. It will handle commercial ships excluding liquefied natural gas carriers.
At a press conference, Imabari President Yukito Higaki said that the company is not considering a merger with JMU at this moment.
There are no plans for Imabari and JMU to reorganize their shipyards, Higaki said.
[Copyright The Jiji Press, Ltd.]