Hitachi Announces the Conclusion of Absorption-type Company Split Agreement Relating to Reorganization of Industrial Equipment Business

TOKYO, Feb 06, 2019 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) announced on October 25, 2018 that Hitachi Industrial Products, Ltd., a newly established company, will succeed to the Industrial Products Business Unit that operates the business of large-sized industrial equipment through an absorption-type split to strengthen the product business.

Having concluded the absorption-type company split agreement today, Hitachi has announced matters as follows, some of which had not yet been decided in the news release on October 25, 2018. The matters which have been decided in the Company Split Agreement and changes since the previous news release are underlined.

Hitachi Industrial Products, which will succeed to Hitachi's businesses of large-sized industrial equipment, will conduct businesses from development and manufacture to sales and maintenance services of high pressure motors, inverters, pumps, compressors, etc. The capital of Hitachi Industrial Products will be 10 billion yen and the consolidated revenue scale will be approximately 150 billion yen.Keizo Kobayashi, who is currently CEO of Industrial Products Business Unit of Hitachi, Ltd., will lead Hitachi Industrial Products as President. Hitachi Industrial Products will seek to achieve a flexible business operation as independent operating companies and dramatically strengthen manufacturing with 9 consolidated affiliates and approximately 4,600 emproyees(consolidated). In doing so, it will provide highly competitive products on a global basis.

For the complete details, visit http://www.hitachi.com/New/cnews/month/2019/02/f_190206a.pdf.

Contact:

Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111

Source: Hitachi, Ltd.
Sectors: Engineering

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