Japanese shipbuilding giant Mitsui E&S is seeking a tie-up with Mitsubishi Heavy Industries amid the financial crisis that forced the company's business restructuring, Nikkei Asian Review reported on Tuesday. The potential merger may lead to cooperation between two out of three major domestic companies that build surface ships for Japan's Defense Ministry, narrowing the competition to Japan Marine United only.
Mitsui E&S announced on Monday it will relocate or cut 1,000 jobs after the estimates said it will finish the third consecutive fiscal year recording consolidated net loss. In order to deal with the crisis, the company looks to sell the properties and exit the wind power and biomass electricity generation, aiming to generate around ¥70 billion.
