Japanese engineering-procurement-construction (EPC) multinational companies in the global liquified natural gas (LNG) market since the early 1990 have been demonstrating worsening financial performance. Hit by continuing changes in their business environment both at home and abroad, strategic responses, such as opening new business lines, deemed insufficient. In early 2019, as a final step amidst continued losses, Chiyoda Corporation, a world leader EPC company in the global LNG market, announced that it will de-list from the Tokyo Stock Exchange. This article attempts to explore the changes in the factors that have driven Chiyoda’s strategic moves over several decades and the reasons behind the industry consolidation that may end the story of an independent Chiyoda Corporation, while opening new opportunities for Japanese multinational companies in a dramatically changing world market.
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