Japan-based steelmaker Yamato Kogyo has decided to sell its ownership stakes in two Middle Eastern affiliate companies SULB Company B.S.C. and SULB Bahrain Venture Co. W.L.L. to their regional joint venture partner Foulath.
Yamato Kogyo is selling the stakes for $140 million, which is $35 million less than originally anticipated due to present market conditions. This transaction is part of the company's broader strategy to exit the Middle East market, where it has already suffered substantial losses and expects additional losses this fiscal year.