IHI Corporation and JFE Holdings, Inc. Announces Agreement Signing on Business Integration of Universal Shipbuilding Corporation and IHI Marine United Inc.

IHI Corporation and JFE Holdings, Inc. announced that it has reached a final agreement on the business integration between IHI Marine United Inc., which is a wholly owned subsidiary of IHI Corporation, and Universal Shipbuilding Corporation, which is 84.93% owned by JFE Holdings, Inc. and 15.07% owned by Hitachi Zosen Corporation, effective October 1, 2012. In the business integration, Universal Shipbuilding Corporation will be the surviving company and will change its name into Japan Marine United Corporation. IHI Corporation, JFE Holdings, Inc. and Hitachi Zosen Corporation will hold a 45.93%, 45.93% and 8.15% stake in the new company, respectively.