Deals
JFE, IHI Ship Merger to Target $6.2 Billion of Sales in 5 Years
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JFE Holdings Inc. and IHI Corp. will seek to increase sales of their combined shipbuilding units by about 30 percent in five years to fend off competition from South Korean and Chinese rivals.
The units, set to be merged on Oct. 1, will target annual revenue of 500 billion yen ($6.2 billion) by 2017, Shinjiro Mishima, who will be president of the new entity, said in an interview. The company will speed up development of fuel-efficient and cost-competitive ships, focusing on container vessels, bulk carriers and oil tankers, he said.