In that year, Yataro Iwasaki, the founder of Mitsubishi took a lease of Government-owned Nagasaki Shipyard. He named it Nagasaki Shipyard & Machinery Works, and started the shipbuilding business on a full scale.
This shipbuilding business was later turned into Mitsubishi Shipbuilding Co., Ltd., and then launched as Mitsubishi Heavy-Industries, Ltd. in 1934, establishing its position as the largest private firm in Japan, manufacturing ships, heavy machinery, airplanes, and railroad cars.
Following the end of World War II, a law aimed at dissolving “zaibatsu” or Nagasaki Shipyard & Machinery Works dismantling the over concentration of economic power was in effect. Thus, in 1950, MHI was divided into three entities: West Japan Heavy-Industries, Ltd., Central Japan Heavy-Industries, Ltd. and East Japan Heavy-Industries, Ltd. It was later consolidated in 1964 and reborn as Mitsubishi Heavy Industries, Ltd.