Notification of Change in Business Name
The Board of Directors of Ishikawajima-Harima Heavy Industries Co., Ltd. has resolved to change the Company's business name and submit the resolution to the annual General Meeting of Shareholders, scheduled to convene in late June 2007, as follows:
1. New Business Name : IHI Corporation
2. Date of Change : July 1, 2007 (planned)
3. Reasons for Change
Seeking to grow into a more advanced global brand as an integrated corporate Group, the Company recently decided to change its business name to the initials IHI, which are already widely recognized as an abbreviation of its name, and to take this opportunity to reinforce its brand strategy as a full corporate Group. Having designated reinforcement of its Group management as the primary goal of Group Management Policy 2007, to be implemented beginning in fiscal 2007, the Company plans to develop the IHI brand among the Group's affiliated companies as well by including IHI in their company names. This is intended both to enhance the value of IHI as a brand shared by Group member companies inside and outside Japan, and to strengthen the Group management by reinforcing the employees' sense of unity and Group identity in the years to come.
The change of the business name to IHI also reflects a determination to reform the Company's business structure by replacing the current corporate name, strongly reminiscent of hardware manufacturing, with a new name suggesting an engineering orientation instead.
The Company embarked on business as Ishikawajima Shipyard in 1853 and subsequently changed its name to Ishikawajima Hirano Shipyard in 1876, when it became Japan's first privately operated shipyard. Its successor Ishikawajima Heavy Industries Co., Ltd. merged with Harima Shipbuilding & Engineering Co., Ltd. to establish Ishikawajima-Harima Heavy Industries Co., Ltd. in 1960, since which time the Company has pursued wide-ranging operations in fields such as shipbuilding, social infrastructure development, industrial machinery manufacturing and aerospace. It currently conducts business globally with 192 affiliated companies in 27 countries worldwide.
Determined to reinforce its brand power as an integrated corporate Group, the Company has selected IHI as an appropriate new corporate name, because IHI has been used as an abbreviation for the corporate name for 46 years, during which time it has achieved widespread penetration in Japan and overseas. Operating under this new corporate name, the Company will strive to improve the corporate value of the IHI Group as a whole.