IHI takes over business of Niigata Engineering Co.
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【January 29, 2003】 |
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IHI takes over business of Niigata Engineering Co.
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【January 29, 2003】 |
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Ishikawajima-Harima Heavy Industries Co., Ltd. (IHI) agreed on a sponsorship contract with the trustees in the bankruptcy of Niigata Engineering Co., Ltd. for the business operated by Niigata Engineering, which includes diesel engines, traffic systems and vehicles, as well as snow-removing business on Oct. 28, 2002. Subsequently, IHI has continued discussions with the Development Bank of Japan (DBJ) on investment in the business while preparing to establish new companies based on the reorganization plan.
The Tokyo District Court decided to approve the reorganization plan on Dec 26, 2002. Based on this approval, IHI and DBJ jointly established two new companies, Niigata Power Systems Co., Ltd. and Niigata Transys Co., Ltd., to take over the businesses of Niigata Engineering on Feb. 3, 2003.
NICO Precision Co., Inc., a subsidiary of Niigata Engineering, will also be reorganized as a new company under the same company name based on the reorganization plan on Feb. 6 and will continue manufacture and sales of parts and components for diesel engines.
References to the three new companies are as follows:
| * Niigata Power Systems Co., Ltd. | |||
| Head office | ： | 9-7, Yaesu 2-chome, Chuo-ku, Tokyo | |
| Capital | ： | Three billion yen (Share: IHI holds 70% and DBJ, 30%) | |
| Officials | ： | President M. Sekine, five directors, and three auditors | |
| Employees | ： | 920 workers | |
| Business lines |
： | Manufacture and sales of diesel engines, gas engines, gas turbines, electric generators, transmissions, superchargers, and other machinery and equipment. Civil engineering and construction work as well as related businesses. | |
| * Niigata Transys Co., Ltd. | |||
| Head office | ： | 9-7, Yaesu 2-chome, Chuo-ku, Tokyo | |
| Capital | ： | One billion yen (Share: IHI holds 70% and DBJ, 30%) | |
| Officials | ： | President M. Sekine, four directors, and three auditors | |
| Employees | ： | 170 workers | |
| Business lines |
： | Manufacture and sales of rolling stock, industrial vehicles, and snow-removing machinery. Design, manufacture, and construction of guided railway systems. | |
| * NICO Precision Co., Inc. | |||
| Head office | ： | Oaza Kawakubo 1095-1, Muikamachi, Minami-Uonuma-gun, Niigata | |
| Capital | ： | Fifty million yen (Wholly owned by Niigata Power Systems Co.) | |
| Officials | ： | President R. Seki, two directors, and one auditor | |
| Employees | ： | 50 workers | |
| Business lines |
： | Manufacture and sales of parts and components of diesel engines | |
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