JIM Technology and Terratec give a step forward to create global leader
IHI CORPORATION (Headquarters: Koto-ku, Tokyo; President: Tsugio Mitsuoka; “IHI”) hereby announces that JIM TECHNOLOGY CORPORATION(“JIMT”), a consolidated subsidiary of IHI, has concluded a contractual agreement to acquire the 51% shares of Terratec Ltd.(“Terratec”).
Terratec has become a subsidiary of JIMT, and also a consolidated subsidiary of IHI pursuant to the share transfer agreement.
Terratec has a total system including the Tunnel Boring Machines (“TBMs”) (* 1) main body and back up systems (* 2) as its product lineup. Terratec is developing its business globally, and has been cooperating in overseas business with JIMT.
The overseas market of TBMs has approx. US$ 3.5 billion market which is 10 times the size of the market in Japan, and is expected to grow further increasing demand for TBMs is highly anticipated due to the need for infrastructure maintenance and subway route expansion, accompanied with development especially of inland urban areas in China and India and further urbanization in ASEAN nations, the Middle East, Turkey and other areas.
JIMT has experiences over 3,500 TBMs delivered altogether since 1936 of every type and size up to 16 meters in diameter for both Japan and Overseas projects. Terratec has sufficient knowledge of engineering of TBM and related back up systems, and experts for supporting TBM operation and field services after sale. And also, Terratec has a proven track record in the global market and large market share especially in India, Thailand, and Turkey. The strategic alliance of the TBM businesses of JIMT and Terratec will deliver significant technology synergies and will further reinforce the competitive strength of the companies.
JIMT will continue to take concrete steps and actions with Terratec toward expanding their businesses so that it becomes a leading TBM manufacturer in the global market.
| (* 1) | Tunnel Boring Machines (“TBMs”) are used for excavation such as underground and road tunnels. They cut the earth and sand while turning the cutter on the front and dig it by advancing it with a hydraulic jack |
| (* 2) | Back up systems are installed behind the body to move TBMs, such as electric equipment, hydraulic equipment, operation room, and various chemical plant, sediment transport device. |
| About Terratec | ||
| Company Name | ： | Terratec Ltd. |
| Location | ： | 11/F Wharf T&T Centre, 7 Canton Road, Kowloon, Hong Kong |
| Established | ： | in 1990 |
| Employs | ： | Approx. 140 |
| Line of business | ： | Design, manufacturing, spare parts and field service of TBMs, Raise Boring Machines, and other custom-made products for tunneling and mining applications. |
| For more information, please see http://www.terratec.co/ | ||
| About JIMT | ||
| Company Name | ： | JIM TECHNOLOGY CORPORATION |
| Location | ： | Kawasaki City, Kanagawa, Japan |
| Capital | ： | JPY 450 million |
| Established | ： | in 2016 |
| Employs | ： | Approx. 180 |
| Line of business | ： | Planning, development, design, procurement, manufacturing, construction at site, commissioning, maintenance, advise for operation, lease, supply of consumable goods, import, export and sales of TBMs and construction machinery for Tunneling. |
| Stock ownership ratio | ： |
Japan Tunnel Systems Corporation(“JTSC”)* 60% Mitsubishi Heavy Industries, Ltd. 40% For more information, please see http://www.jimt.co.jp/index.html |
＜JIMT Large diameter TBM＞
＜Terratec medium diameter TBM＞
