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Outgoing MES boss urges diversification from shipbuilding

Outgoing MES boss urges diversification from shipbuilding

Tokyo: Mitsui Engineering & Shipbuilding, a major Japanese shipbuilder, has named Yasuhiko Katoh as president to succeed Takao Motoyama, who urged his successor to expand outside vessel construction. Katoh will start his new job June 27, after the annual shareholders' meeting, said Mitsui Engineering, which is based in Tokyo. Motoyama is to become chairman as is the standard practice at Japanese corporations.

Mitsui Engineering relies on shipbuilding for about 40 percent of sales, about five times the level of domestic rivals like Mitsubishi Heavy Industries and Kawasaki Heavy Industries, according to Bloomberg statistics. Mitsui Engineering also makes ship engines, bridges and chemical plants. [09/05/07]

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