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Tsuneishi's group consolidation outlined

Tsuneishi's group consolidation outlined

Tokyo: Southern Japanese shipping conglomerate Tsuneishi Corp has announcedthat it will merge 10 of its group companies, including Kambara Kisen Kaisha, from January 1, 2007, and then change its corporate name to Tsuneishi Holdings Inc.

10 group companies, made up of three shipping companies, namely Kambara Kisen, Tsuneishi Port Service and Koshien, five shipbuilding-related companies, comprising Tsuneishi Research & Development, Tsuneishi Iron Works, Sumihiro, Tsuneishi Forestry Construction and Tsuneishi Engineering, and the two service companies Tsuneishi Enterprise and Tsuneishi Holdings (formerly known as Kambara Engineering) will all be consolidated, the Kaiji Press reported. Under the restructure, three core groupings will be established, namely shipbuilding, shipping and support.

Under the youthful leadership of its president Katsushige Kambara, the family owned firm has gone from strength to strength as it has become far more focused and offloaded much non-core business. This latest consolidation will help reduce the group's tax bill considerably.

For fiscal 2005 the group scored revenues of Y115.6bn and a net profit of Y9.2bn. Those results did not include shipping line Kambara Kisen. For fiscal 2006, the group expects revenues to grow to Y180bn, 80% of which will come from the shipbuilding division and 20% from the shipping segment.  [22/11/06]