Oct 15, 2020 17:41 JST

Source: Hitachi, Ltd.

Hitachi Acquired Additional Shares to Hold Majority of Shares of Yungtay, Elevator Company Based in Taiwan

Accelerating the global expansion strengthening its business base in China and Asia

TAIPEI, TAIWAN, Oct 15, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE: 6501) today announced that it acquired 9.99% (41,080,000 shares) of all the issued shares in Yungtay Engineering Co., Ltd. (TWSE: 1507), an elevator and escalator company in Taiwan, through paired trade via Hitachi Elevator Taiwan Co., Ltd., a wholly owned subsidiary of Hitachi, to strengthen its elevators and escalators business in People's Republic of China, and Asia. Price of shares acquired is 72.0 TWD (approximately 262 JPY(1)) per share, and approximately 3.0 billion TWD (approximately 10.8 billion JPY(1)) in total.

 


Hitachi, together with its wholly-owned subsidiaries, owned 41.1% (167,933,671 shares) of all the issued shares excluding treasury shares before the acquisition and increased its share holding up to 51.1% (209,013,671 shares), majority of all the issued shares through the transaction this time.

Yungtay was founded in 1966 and is the largest company in the elevator and escalator business in Taiwan region. It has also operated in Mainland China as one of the major suppliers of elevators and escalators, mainly for residential buildings. Yungtay has been a business partner of Hitachi for over 50 years since right after its foundation, with Hitachi's capital participation in 1968. Hitachi has been continuously acquiring shares of Yungtay after acquiring 28% (114,409,932 shares) of all the issued shares excluding treasury shares through its Public Tender Offer in 2019.(2)

Hitachi will accelerate the global expansion of its business with its measures including this enhancement of partnership with Yungtay, expanding new installation units through product lineup enhancement and cost competitiveness, and improve profitability through increasing maintenance units in China and Asia.

(1) Calculation based on 1 TWD = 3.64 JPY
(2) News release dated April 23, 2019 titled "Results of Public Tender Offer for Shares of Yungtay, Elevator Company Based in Taiwan", https://bit.ly/3lPqQcm

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focused on its Social Innovation Business that combines information technology (IT), operational technology (OT), and products. The company's consolidated revenues for the fiscal year 2019 (ended March 31, 2020) totaled 8,767.2 billion yen ($80.4 billion), and it employed approximately 301,000 people worldwide. Hitachi drives digital innovation across five sectors - Mobility, Smart Life, Industry, Energy, and IT - through Lumada, Hitachi's advanced digital solutions, services, and technologies for turning data into insights to drive digital innovation. Its purpose is to deliver solutions that increase social, environmental and economic value for its customers. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

Source: Hitachi, Ltd.
Sectors: Engineering

Copyright ©2020 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Hitachi Rail and Mitsubishi Corp to Deliver Metro de Panama Line 3 worth JPY 92.0 Billion
October 30 2020 23:10 JST
 
Hitachi: "Paperless & Office" Innovations to Achieve New Workstyles in the New Normal
October 27 2020 11:59 JST
 
Hitachi Named a Leader in 2020 Gartner Magic Quadrant for Industrial IoT Platforms
October 27 2020 09:59 JST
 
Hitachi ABB Power Grids Wins Major Order to Support Sub-Saharan Africa's Largest Solar Venture in Angola
October 27 2020 07:51 JST
 
Hitachi ABB Power Grids Wins $6.6 Million Projects to Digitalize High-Speed Rail in the UK
October 14 2020 16:48 JST
 
Hitachi ABB Power Grids and Tensio TN AS to deliver Norway's First Fully Digital, Eco-efficient Substation
October 13 2020 15:25 JST
 
Hitachi Exhibits in the "CEATEC 2020 ONLINE"
October 09 2020 12:36 JST
 
Hitachi ABB Power Grids India wins INR 100 crore order from HPCL Rajasthan Refinery Limited
October 08 2020 18:01 JST
 
Hitachi Automotive Systems Stereo Camera with Nighttime Pedestrian Detection Adopted by Suzuki for their "Spacia" Series with Enhanced Safety Devices
October 05 2020 10:51 JST
 
Poland's Largest Hybrid Battery Energy Storage System Commence Full-scale Technology Demonstration
October 02 2020 17:20 JST
 
More Press release >>

Latest Press Release


More Latest Release >>