TOKYO, Feb 6, 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.
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.
Feb 6, 2019 19:47 HKT/SGT
Source: Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501)
Topic: Press release summary
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