IHI Selling Construction Machinery Business To Japan’s Kato

IHI Corp. (IHI) announced that it has agreed to transfer all the shares in its wholly‐owned IHI Construction Machinery Limited to Kato Works Co., Ltd. No financial details on the transaction were provided.

IHI Construction Machinery was established in 1952 as Ishikawajima Koehring Co., a joint venture with Koehring of the United States. Over the years, the company has manufactured and sold mini‐excavators, cranes, crawler carriers and other construction machinery in Japan and globally. Established in 1895, Kato Works manufactures mobile cranes and construction and industrial equipment.

The transfer is subject to regulatory approval, with a scheduled transfer date of November 25, Kato said.