Tsuneishi Shipbuilding has concluded a contract to sell and transfer all issued stocks of its subsidiary Tadotsu Shipbuilding to Imabari Shipbuilding.
Tsuneishi will spin off the Tadotsu factory through an "absorption-type corporate split" on September 1, 2013. All issued stocks will thereby be sold and transferred to Imabari at the end of December, 2014.
Headquartered in the Kagawa Prefecture, Tadotsu engages in ship design, building and repair. Following the sale process from September, Tadotsu will continue shipbuilding for orders from Tsuneishi until the end of 2014. At the same time, Tadotsu will also build ships for orders from Imabari.
"Tsuneishi will continue to promote our business, relying on overseas factories as main production sites," the company commented.
"However after examining recent developments in our business, in addition to our business policy, we decided to sell the Tadotsu factory so that we can improve our business efficiency by consolidating management resources at our two present domestic factories into one headquarters."
