TOKYO -- Japan's Mitsui E&S Shipbuilding will form a joint venture with Chinese power player Yangzijiang Shipbuilding (Holdings), it said Thursday, finding a long-sought overseas foothold as the Japanese market struggles.
The joint venture is set to launch in April with $99 million in capital. Yangzijiang will hold a 51% stake and the rest will be divided between Mitsui E&S and trading house Mitsui & Co. The partners will work on construction, planning and sales from a base to be set up at a Yangzijiang shipyard in Taicang, Jiangsu Province.
