IHI Transfers Turf Care Machinery Business

MT Newswires Live

2024/11/25

IHI (TYO:7013) will transfer its Turf Care Machinery Business from IHI Agri-Tech to a newly formed company through an absorption-type split, according to a Tokyo Stock Exchange filing on Monday.

The new entity will then have all its shares transferred to Kyoeisha.

The move aligns with IHI's strategy to focus on growth and development businesses by reallocating resources from conventional businesses.

The decision comes as domestic demand for turf care machinery is expected to decline, and international competition increases.

IHI's shares shed over 2% at market close.

Price (JPY): $8313.00, Change: $-220, Percent Change: -2.53%

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