1. Home
  2. Press release
Feb 08, 2017 17:14 JST

Source: Hitachi, Ltd.

Ongoing Discussion on the Projects of Mitsubishi Hitachi Power Systems, Ltd. in the Republic of South Africa

TOKYO, Feb 08, 2017 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) commented on the captioned matter as follows.

Hitachi has been discussing with Mitsubishi Heavy Industries, Ltd. (MHI) a transfer price adjustment regarding certain boiler construction projects in the Republic of South Africa that involves Mitsubishi Hitachi Power Systems, Ltd., the joint venture company that integrated the respective thermal power generation system businesses of MHI and Hitachi, and such discussion is still ongoing. Hitachi hereby explains in this press release the status on the discussion.

On March 31, 2016, MHI requested Hitachi to pay ZAR 48,200 million (approximately 379.0 billion yen when ZAR 1 = 7.87 yen) as a portion of transfer price adjustment, etc. Hitachi replied to MHI on April 6, 2016 that the request lacked legal grounds under any agreement and thus Hitachi cannot accept it.

On January 31, 2017, MHI increased the amount above and requested Hitachi to pay ZAR 89,700 million (approximately 763.4 billion yen when ZAR 1 = 8.51 yen). While Hitachi cannot accept the request since it lacks legal grounds under any agreement as well as the request of March 2016 does, Hitachi intends to continue further discussion with MHI.

Hitachi has prepared its accounting properly based on reasonable estimates, in light of how the discussion regarding the Projects has been going on.

Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111
Source: Hitachi, Ltd.
Sectors: Energy, Alternatives

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release

Hitachi Energy and SP Energy Networks to boost renewable energy flow
April 05 2024 16:15 JST
 
Hitachi Selected as "Excellent TCFD Disclosure" by GPIF's External Asset Managers for the Third Consecutive Year
April 05 2024 16:00 JST
 
JFE Steel and Hitachi Jointly Started Providing Solutions for the Steel Industry
March 26 2024 18:04 JST
 
Hitachi Selected as CDP Supplier Engagement Leader for the Third Consecutive Year
March 22 2024 15:04 JST
 
Hitachi Collaborates with NVIDIA to Accelerate Digital Transformation with Generative AI
March 19 2024 18:11 JST
 
Hitachi Vantara Announces Collaboration with NVIDIA to Create New Portfolio of Industrial AI Solutions
March 19 2024 11:35 JST
 
Hitachi High-Tech Launches High-sensitivity and High-throughput Wafer Surface Inspection System LS9300AD for Wafer Manufacturers
March 15 2024 10:21 JST
 
Hitachi Forges a Three Year Strategic Alliance with AWS to Advance Hybrid Cloud Solutions
March 11 2024 15:44 JST
 
Hitachi Energy and TransnetBW make German grid fit for future
February 15 2024 10:22 JST
 
Contributing to Efficient Development of Metal Thin Film Materials by Using Chemicals Informatics and Materials Informatics
February 09 2024 12:41 JST
 
More Press release >>

Latest Press Release


First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST

Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST

Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST

Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST

Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST

Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST

All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST

Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST

Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST

Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST

Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST

New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST

TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST

Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST

MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST

Mitsubishi Shipbuilding Acquires Approval in Principle (AiP) from Classification Society ClassNK for Ammonia Fuel Supply System (AFSS)
Apr 11, 2024 17:50 JST

DOCOMO, NTT, NEC and Fujitsu Develop Top-level Sub-terahertz 6G Device Capable of Ultra-high-speed 100 Gbps Transmission
Apr 11, 2024 15:10 JST

Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
Apr 11, 2024 13:07 JST

Mitsubishi Shipbuilding Receives Order for Ammonia Fuel Supply System for Ammonia-Powered Marine Engine
Apr 10, 2024 16:55 JST

Transgene and NEC Present First Clinical Benefits of Neoantigen Cancer Vaccine, TG4050, in Head & Neck Cancer at AACR 2024
Apr 10, 2024 13:36 JST
 More Latest Release >>