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Authorization of a Specified Business Restructuring Plan Submitted by Mitsubishi Heavy Industries, Ltd. and IHI Corporation Under the Industrial Competitiveness Enhancement Act

On September 25, 2014, the Ministry of Economy, Trade and Industry (METI) authorized a specified business restructuring plan, under the Industrial Competitiveness Enhancement Act, submitted by Mitsubishi Heavy Industries, Ltd. and IHI Corporation.

According to the plan, the companies will aim to enhance their global competitiveness by establishing a collaborative system for producing aircraft engine components, the global market of which is expected to grow, as well as consolidating various management resources, thereby expanding the demand for the products in the field.

1. Authorization of the specified business restructuring plan

METI examined the specified business restructuring plan submitted by Mitsubishi Heavy Industries and IHI pursuant to Article 26, paragraph (4) of the Industrial Competitiveness Enhancement Act, and concluded that the companies satisfied the requirements specified by said Act as entrepreneurs who are to carry out a business restructuring defined by Article 2, paragraph (12) of said Act, and authorized the plan.

The companies are now eligible for a reduction of the registration and license tax as well as for a tax program for facilitating business restructuring, upon the business reconstructing by the companies. A commercial aircraft engine business will be spun off from Mitsubishi Heavy Industries and will be reassigned to Mitsubishi Heavy Industries Aero Engines, Ltd., a new company scheduled to be launched on October 1, 2014.

For further details, see the Japanese language press release.

2. Implementation period

From October 2014 to September 2024

3. Applicants’ profiles

Name: Mitsubishi Heavy Industries, Ltd.
Capital: 265.6 billion yen (as of March 31, 2014)
Representative: Shunichi Miyanaga, President and CEO
Head office: 2-16-5, Konan, Minato Ward, Tokyo

Name: IHI Corporation
Capital: 107.1 billion yen (as of March 31, 2014)
Representative: Tamotsu Saito, CEO
Head office: 3-1-1, Toyosu, Koto Ward, Tokyo

Reference:

For details of the Act and the related support measures, please visit the following website:
http://www.meti.go.jp/english/policy/economy/industrial_competitiveness_act/index.html

Release Date

September 25, 2014

Division in Charge

Aerospace and Defense Industry Division, Manufacturing Industries Bureau

Ministry of Economy, Trade and Industry
1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8901, Japan Tel: +81-(0)3-3501-1511
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