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Shipbuilder Mitsui E&S to sell off assets and cut 1,000 jobs

Money-losing group to exit commercial ships and renewable power plants

A tanker built by Mitsui E&S: the company is Japan's seventh-largest shipbuilder by volume. (Photo by Naoki Watanabe)

TOKYO -- Ailing Japanese shipbuilder Mitsui E&S Holdings will lay off about 10% of its workforce and scale back loss-making core operations as part of a major overhaul, Nikkei has learned.

The restructuring will be closely watched for the possibility that it triggers a bigger consolidation in Japan's ship- and plant-building industries, which have struggled to stay afloat against South Korean competition. 

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