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Japan: Kawasaki president axed, merger talks nixed

By  |  June 14, 2013

Japan’s second-largest heavy equipment manufacturer Kawasaki Heavy Industries Ltd has simultaneously confirmed the firing of president Satoshi Hasegawa as well as the end of merger talks with Mitsui Engineering & Shipbuilding Co., despite denying any such merger talks two months prior. In response, the Tokyo Stock Exchange will require the company to explain why its April 22 filing denied any merger talks. According to reports, the end of those talks is a setback for government policy, which is looking to consolidate the shipbuilding market within the nation and amp up competition with rivals within China and South Korea. Reports say Shigeru Murayama has been appointed as replacement for Hasegawa.

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