Japanese shipping and logistics giant Nippon Yusen Kabushiki Kaisha (NYK) announced that two of its subsidiaries that provide harbor tugboat and other related services, will merge on July 1, 2019.
Yokohama, Kanagawa-based Wing Maritime Service Corporation will merge with compatriot Kaiyo Kogyo Corporation to form an unnamed entity, a press release said. NYK holds 100% stake in both the companies.
Yukihiro Tatara is the president of both firms. Wing Maritime Service Corporation has a paid-in capital of JPY 490 million and Kaiyo Kogyo Corporation has JPY 90 million.
The social structure and the business environment surrounding the NYK Group is dramatically changing, and NYK will integrate the management resources of these two companies to increase efficiencies and create value in accordance with the group’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green," the release said.