Kawasaki Heavy Industries  (KWHIY) announced that is was cutting about 20% of the workforce, or 400 jobs, from its money-losing ship building business. At least half of the job losses will be the result of employees reaching retirement age and reductions in hiring. 

Kawasaki's ship and offshore structure segment reported an operating loss of $192 million in the previous fiscal year. The company hopes to increase the segment's return on invested capital to at least 8% by 2020. 

Kawasaki shares were down nearly 1% Thursday afternoon. 

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