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Notice of Acquisition of Management Rights to Tokyu Car Corporation’s Railway Car Manufacturing Business

East Japan Railway Company

October 27, 2011

East Japan Railway Company ("JR East") and Tokyu Corporation have agreed that JR East will acquire the management rights to the railway car manufacturing business of Tokyu Corporation’s 100% subsidiary Tokyu Car Corporation ("Tokyu Car").

  1. Plan concerning acquisition of management rights

    Tokyu Corporation will separate the railway car manufacturing business of Tokyu Car as a demerging entity and, on April 1, 2012 (planned date), will transfer this business to a "new railway car company" that is to be established by Tokyu Corporation as a 100% subsidiary.

    JR East will acquire all shares of the new railway car company from Tokyu Corporation on April 2, 2012 (planned date), making the new railway company a 100% subsidiary of JR East.
    The trade name of the new railway car company will be decided prior to the acquisition of management rights.

  2. Aim of management rights acquisition and future developments

    Establishment of the railway car manufacturing business as the "fourth pillar of operations"

    JR East has manufactured approximately 3,600 cars over 17 years at its Niitsu Rolling Stock Manufacturing Factory, and has improved its stainless steel commuter car manufacturing technology. This acquisition will incorporate the development design ability and express-train car manufacturing capability of Tokyu Car into the JR East Group, producing synergistic effects with the Niitsu Rolling Stock Manufacturing Factory. This will establish the railway car manufacturing business as the "fourth pillar of operations" of the JR East Group, making it possible to meet challenges and make further advances as a corporate group that is a leader in railway technology.

    Business expansion in the Japanese market

    By combining cost-competitive car manufacturing with efficient car inspection, the JR East Group aims to expand its business in the Japanese market by providing high-quality and low-cost cars.

    Business expansion to overseas markets

    In the future, the JR East Group will strive to further enhance its comprehensive railway car manufacturing and maintenance technical ability, and cooperate with a newly established consultant company (Japan International Consultants for Transportation Co., Ltd. ("JIC")) to expand its business overseas in areas ranging from metropolitan area transport to high-speed railways.

  3. Management rights acquisition date

    April 2, 2012 (planned)