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Monday, 10 December 2018, 08:39 HKT/SGT
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Source: Hitachi, Ltd.
Hitachi Automotive Systems to Transfer its Commercial Vehicle Steering Business to Knorr-Bremse

TOKYO, Dec 10, 2018 - (JCN Newswire) - Hitachi Automotive Systems, Ltd. has signed an agreement with Knorr-Bremse AG, the German global market leader for braking systems, to transfer Hitachi Automotive Systems' commercial vehicle steering business to Knorr-Bremse. Specifically, Hitachi Automotive Systems will spin off its commercial vehicle steering business to a new company incorporated for this transaction through an absorption-type company split, and transfer all shares of the new company to Knorr-Bremse Asia Pacific (Holding) Ltd., which is a wholly owned subsidiary of Knorr-Bremse in Hong Kong.

As well as brakes and suspensions, power steering equipment supports the control of a vehicle's behavior. In the power steering business for commercial vehicles, Hitachi Automotive Systems manufactures and sells lightweight, compact and high-output hydraulic assist integral power steering gears.

The transfer of Hitachi Automotive Systems' commercial vehicle steering business will allow Hitachi Automotive Systems to focus and strengthen further its core portfolio. Moving forward, in addition to chassis products that improve vehicle driving performance such as passenger vehicle steering, brakes, and suspension, Hitachi Automotive Systems will continue to leverage its strengths in electronics and electrification technologies, and continually enhance its business lineup in electrification products such as electric motors and inverters, as well as advanced driver assistance system & autonomous driving (ADAS/AD) products.

Since its establishment in 1905, Knorr-Bremse has led the world in the field of braking systems and other safety-critical subsystems for rail and commercial vehicles.

The transfer of Hitachi Automotive Systems' commercial vehicle steering business has the business develop by utilizing Knorr-Bremse's customer base, technologies and expertise. It will enable Knorr-Bremse to contribute to integrated braking and steering control technologies, and contribute to the company's development of advanced driver assistance system & autonomous driving technologies for the commercial vehicle field and accelerate the company's global business expansion.


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.

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


Dec 10, 2018 08:39 HKT/SGT
Source: Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501)

Topic: Press release summary
Sectors: Automotive
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