Nakajima died during the Boshin War of the Meiji restoration fighting on the Tokugawa side. After the establishment of the Meiji government, his former colleagues Enomoto Takeaki and Arai Ikunosuke gained important positions in the new administration, and supported the establishment of a modern shipyard on the foundation established by Nakajima. The new facility was inaugurated in 1897, and faced an immediate crisis when Tokyo-based Ishikawajima Harima opened a rival facility the following year and started to dump prices in an effort to destroy its competition. Uraga Dock Company managed to buy out Ishikawajima in 1902.
In 1907, Uraga Dock Company launched its first destroyer for the Imperial Japanese Navy, the Nagatsuki. Over its subsequent history, the dockyards at Uraga constructed over 1000 vessels, including ferries, passenger liners, training vessels, and warships of various sizes. Numerous vessels were also produced for the export market.
By 1919, Uraga Dock Company was considered one of the largest and best equipped private shipyards in the world. Subsidiary companies were established in Yokkaichi, Mie and in Tsingtao.
Uraga Dock Company was also characterized by its organized labor force, one of the earliest in Japan, which went on strike in 1905-1907, 1910-1911, and in 1915.
In post war Japan, Uraga Dock Company was acquired by the Sumitomo group in 1969. It was modernized extensively on several occasions, but increasing competitive pressures from overseas ship builders forced Sumitomo to close down operations in 2003.