Two major Japanese conglomerates announced a deal to create one of the country's biggest shipbuilders Monday as the industry faces increasingly tough competition.
Heavy machinery giant IHI and steelmaker JFE Holdings will merge their shipbuilding units IHI Marine United Inc. and Universal Shipbuilding Corporation, they said in a joint statement. Universal will become the surviving entity.
Shipbuilding was once one of the drivers of Japan's post-War economic miracle, but in recent years the industry has been overtaken by those of other Asian countries. (AFP)
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