JFE Holdings, Inc. (JFE Holdings) and IHI Corporation (IHI) announced that they concluded a final agreement on August 27th, for the Management Integration (merger) of their respective subsidiaries Universal Shipbuilding Corporation (Universal Shipbuilding) and IHI Marine United Inc.
The Management Integration, which will be executed on October 1, 2012, follows the conclusion of a basic agreement on January 30, 2012 and joint discussions by a preparatory committee. The Management Integration is subject to approval at the required shareholders meetings, followed by notification to relevant authorities, including those overseas, and then obtaining official approval and licensing.
Also, the companies will announce their candidates for the executive officers of the new company, Japan Marine United Corporation (Japan Marine United), which will be established by this Management Integration.
Shipbuilding Tribune Staff, August 29, 2012