Hitachi Automotive Systems Concludes Share Transfer Agreement with PTC2 Holdings
TOKYO, Dec, 27 2018 - (JCN Newswire) - Hitachi Automotive Systems, Ltd. has concluded a share transfer agreement with PTC2 Holdings Inc. a special-purpose company which is established by Polaris Capital Group Co., Ltd. to transfer all shares owned by Hitachi Automotive Systems in its wholly owned subsidiary, Hitachi Automotive Systems Measurement, Ltd., which engages in the energy station and plant construction businesses.
Hitachi Automotive Systems will continue to focus on strengthening its business portfolio. In particular, it will leverage its strengths in electronics and electrification technologies to continually enhance its line of electrification products such as motors and inverters, as well as advanced driver assistance systems and autonomous driving (ADAS/AD) products such as periphery sensors and electronic controllers.
Hitachi Automotive Systems Measurement manufactures and sells filling and measuring devices for gaseous and liquid fuels, as well as flow meters for oil and gas. Its service station design and construction business and instrumentation business are expanding mainly in Japan, but also in the Asia region. In Japan, it focuses on the development of a variety of energy stations, including gasoline, compress compressed natural gas (CNG), and hydrogen, as well as the construction business for private residence filling stations. All of these businesses boast a top share in Japan.
Moving forward, against the backdrop of increasing global demand for infrastructure to supply next-generation clean energy, it is crucial for the growth strategy of Hitachi Automotive Systems Measurement to focus on new businesses such as the development of next generation service stations and hydrogen stations, and expansion into overseas markets.
Therefore, following discussions between Hitachi Automotive Systems and Hitachi Automotive Systems Measurement, the investment fund of Polaris was selected as a new sponsor, based on its wealth of experience in strengthening management fundamentals and providing support for implementation of growth strategies at many companies. This partnership will facilitate the further growth and development of Hitachi Automotive Systems Measurement's new business and overseas business expansion.
Hitachi Automotive Systems will pursue further growth by enhancing the businesses in electrification products as well as autonomous driving field.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Source: Hitachi, Ltd.
Copyright ©2019 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.