Four Japanese companies like Hitachi Metals Limited, Kobe Steel Limited, IHI Corporation and Kawasaki Heavy Industries Limited have announced the establishment of a company to produce forged aircraft components.

The four companies said that Japan Aeroforge Limited, set up in January 2011 in Tokyo, will raise JPY 3.7 billion in capital through a new share issue later this month to the four companies plus two other investors Marubeni Itochu Steel Inc and Sojitz Aerospace Corporation.

Hitachi Metals and Kobe Steel will each own roughly 40% of Japan Aeroforge. Japan Aeroforge is planning to supply heavy machinery manufacturers in Japan and possibly expand its client base later to overseas aircraft gear manufacturers. It targets JPY 13 billion in fiscal 2017 sales.

(Sourced from Kyodo News)