Japan-based Nippon Steel Pipeline Co., Ltd., a subsidiary of Nippon Steel Engineering Co., and Sumitomo Metal Pipeline and Piping, Ltd., a subsidiary of Sumitomo Metal Industries, have announced that they have agreed to merge on October 1, 2012, under the new company to be called Nippon Steel & Sumikin Pipeline & Engineering Co. Ltd.
Subject to the business integration of Japanese steel producers Nippon Steel Corporation and Sumitomo Metals, the merger of Nippon Steel Pipeline and Sumitomo Metal Pipeline has been approved by the boards of directors of Sumitomo Metals, Nippon Steel Engineering, Nippon Steel Pipeline and Sumitomo Metal Pipeline.
On October 1, 2012, Nippon Steel Engineering and Sumitomo Metal Pipeline will effect a share exchange pursuant to which Nippon Steel Engineering will become a wholly-owning parent company of Sumitomo Metal Pipeline.
Through this merger, Nippon Steel Pipeline and Sumitomo Metal Pipeline aim to become a leading engineering company focused on pipeline construction.
Nippon Steel Pipeline and Sumitomo Metal Pipeline agree to merge
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