hitachi zosen corps shares rose sharply tuesday morning after the japanese engineering company said it planned to spin off its marine engine business and sell a 35 stake in the new company to a major japanese shipbuilder the shares were recently 47 higher at 867 yen 599 after rising as much as 48 earlier shares of plant engineering peer mitsubishi heavy industries ltd were recently up 11 and the nikkei stock average was 08 higher hitachi zosen said monday after market close that it planned to set up a new company by spinning off its marine engine business and accepting a 35 capital participation in the new company from imabari shipbuilding co hitachi zosen which started manufacturing marine engines in 1940 said the operating environment for the business has been severe due to intensifying competition and volatile prices of steel and other materials the company generates a majority of its revenue and operating profit from its business of waste treatment and other industrial plants while the marine engine business accounts for a fraction of total revenue