Kanadevia to Merge with Nippon Steel Subsidiary

Osaka, Feb. 5 (Jiji Press)--Japanese machinery maker Kanadevia Corp., formerly called Hitachi Zosen Corp., said Thursday that it will start talks on management integration with Nippon Steel Engineering Co., a Nippon Steel Corp subsidiary.

The two sides plan to sign a final agreement in September this year and complete the management integration in April 2027.

The merger of the two companies would create the largest engineering firm in Japan, with their latest combined sales totaling more than 1 trillion yen.

Through the merger, the two companies aim to enhance their competitiveness and management foundations, mainly in the fields of decarbonization and resource recycling.

"We will aim to become a top-class engineering group in the world," Kanadevia President Michi Kuwahara said at a press conference in the western Japan city of Osaka.

[Copyright The Jiji Press, Ltd.]