TOKYO — IHI will produce aircraft engine parts at a Yokohama plant making reactor components, as the company shifts from nuclear energy to the aircraft business and its greater growth potential.
The Japanese heavy industry group will repurpose a section of the facility, which has supplied nuclear-energy related equipment such as reactor pressure vessels and steam generators to Toshiba and U.S. nuclear power company Westinghouse Electric, among others.
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With the nuclear energy market shrinking following the March 2011 meltdown at Fukushima, IHI has seen orders tumble. In a shift away from nuclear energy, IHI sold its 3% stake in Westinghouse to Toshiba in 2017.
Over the past few years, demand in Japan has been strong for maintenance and safety services for nuclear power plants. But, with the market sure to contract over the long term, IHI had been looking for ways to make use of nuclear-energy-related facilities.
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