Hitachi Announces Conclusion of Absorption-type Split Agreement to Strengthen the Business of Power Receiving and Transforming Facilities for Industrial Area by Company Split
TOKYO, Feb, 06 2019 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) and Hitachi Industrial Equipment Systems Co., Ltd. announced on November 12, 2018 that, with a view to strengthening engineering and sales capabilities in the power receiving and transforming facilities business for the industrial area and promoting digital technology-based high value-added businesses, the sales and engineering sectors for power receiving and transforming facilities for the industrial area that handle special high voltages exceeding 33kV, products for which Hitachi has been responsible, will be taken over on April 1, 2019 by Hitachi Industrial Equipment Systems, a wholly owned subsidiary of Hitachi, through a company spin-off.
Hitachi and Hitachi Industrial Equipment Systems today concluded an absorption-type split agreement for the Company Split and, therefore, announce details of the matters that were undecided in the news release dated November 12, 2018 as follows.
Hitachi Industrial Equipment Systems will be responsible for the entire operation from manufacturing(1) to sales of every power receiving and transforming facilities business for the industrial area. By responding customer needs more quickly and improving relations through further strengthening engineering and sales capabilities, it will provide high value-added services utilizing digital technologies to respond to dynamic changes and diversifying needs in the market for industrial equipment.
(1) Hitachi will continue to engage in design, manufacture and quality assurance for certain power receiving and transforming facilities that handle the voltages exceeding 33kV.
For the complete details, visit http://www.hitachi.com/New/cnews/month/2019/02/f_190206.pdf.
About Hitachi Industrial Equipment Systems Co,. Ltd.
Hitachi Industrial Equipment Systems Co,.Ltd. headquartered in Tokyo, Japan, is a subsidiary of Hitachi, Ltd., and is engaged in the manufacturing, sales and services of industrial components and equipment. The company offers various industrial products including motors, factory automation/control systems, wind/water systems, pneumatic systems, power distribution, environmental systems and labor-saving systems. For more information, visit https://www.hitachi-ies.co.jp/english.
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.
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