30 October 2012
London, October 30, 2012 - Hitachi, Ltd. (TSE:6501, "Hitachi") today announced the acquisition of Horizon Nuclear Power (Horizon) from RWE and E.ON. The transaction is expected to complete at the end of November, and upon completion, Hitachi will start leading a programme of building new nuclear power plants in the United Kingdom.
In addition, Hitachi also announces that two leading British companies, Babcock International and Rolls-Royce have signed MOUs to join Hitachi to plan and deliver the programme. Hitachi will cooperate with other nuclear energy related companies around the world.
Hiroaki Nakanishi, President of Hitachi, Ltd. said: “I am extremely pleased that we have been successful in acquiring Horizon Nuclear Power. Today starts our 100 year commitment to the UK and its vision to achieve a long-term, secure, low-carbon, and affordable energy supply. We look forward to sharing Hitachi’s corporate vision and nuclear business policy with the management and employees of Horizon, and working harmoniously with UK companies and stakeholders for the delivery of this vital part of Britain’s national infrastructure and the creation of a strong UK nuclear power company.”
Following completion of the transaction, Hitachi will immediately work towards achieving license acceptance under the Generic Design Assessment process as governed by the Office for Nuclear Regulation and begin working with our UK partners on the future programme.
The Hitachi Horizon programme involves building two to three c1,300 MW plants at each of Horizon’s sites at Wylfa, Anglesey, and Oldbury, Gloucestershire, with the first unit becoming operational in the first half of 2020s. Hitachi endorses the UK government’s policy for promoting low-carbon society and will employ its Advanced Boiling Water Reactor (ABWR) technology, which has already been licensed in other countries and is the only advanced nuclear technology (Generation III. PLUS) in operation in the world. Currently, there are four ABWRs in operation in Japan, built to time and budget.
Hitachi anticipates the creation of between 5,000 and 6,000 direct jobs at each site during the construction phase and a further 1,000 permanent jobs per site upon start of the operation of each site.
Preliminary estimates based on past build experience, indicate approximately 60% by value of the first unit will be spent on locally sourced materials, personnel and services, with this rising for future units. Hitachi will invest in transferring its modular construction technology which underpins the build timetable establishing a module assembly facility in the UK.
Hitachi will make a significant investment in training engineers, construction teams and operating staff for the plants, and will work with its partners and with local colleges and universities to develop training programmes, which will create a strong and permanent base of nuclear skills in the UK that also have a global demand.
In partnership with the UK government, the devolved administration in Wales and local authorities in the Wylfa and Oldbury areas Hitachi will work towards ensuring that economic benefits flow to the local communities in which the plants will be located.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen ($117.8 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are not limited to:
• economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
• exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi’s assets and liabilities are denominated, particularly against the U.S. dollar and the euro;
• uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing;
• uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds;
• the potential for significant losses on Hitachi’s investments in equity method affiliates;
• increased commoditization of information technology products and digital media-related products and intensifying price competition for such products, particularly in the Digital Media & Consumer Products segments;
• uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products;
• rapid technological innovation;
• the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales;
• fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components;
• fluctuations in product demand and industry capacity;
• uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components;
• uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business;
• uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness;
• uncertainty as to the success of cost reduction measures;
• general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations;
• uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporations in the design and development of certain key products;
• uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics and data processing technologies;
• uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity method affiliates have become or may become parties;
• the possibility of incurring expenses resulting from any defects in products or services of Hitachi;
• the possibility of disruption of Hitachi’s operations by earthquakes, tsunamis or other natural disasters;
• uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect its confidential information or that of its customers;
• uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its significant employee benefit-related costs; and
• uncertainty as to Hitachi’s ability to attract and retain skilled personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi.
Press Contacts
Japan
Hirotaka Ono
Hitachi, Ltd.
+81-3-5208-9324
Europe
Keisaku Shibatani
Hitachi Europe Ltd.
+44 1628 585 714
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
29 November 2012
Tokyo, November 29, 2012 --- Mitsubishi Heavy Industries, Ltd. (TSE: 7011, “MHI”) and Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced that the two companies have reached a basic agreement, through the resolution of the board of directors of both companies, on integrating businesses in fields centered on thermal power generation systems and jointly managing these operations.
The two companies plan to integrate this business by consolidating their respective operations centered on thermal power generation systems within a joint venture company by January 1, 2014. MHI and Hitachi will take equity interests of 65% and 35%, respectively, in the joint venture company.
The global market has continued to expand, driven by the growth engines of China and other emerging countries. Heightened environmental awareness around the world has presented a major opportunity for MHI and Hitachi to expand businesses where they both excel—businesses that solve global energy and environmental issues at the same time. These sources of buoyant demand require that companies respond in detail based on highly advanced technologies, quality and reliability, unfettered by the traditional frameworks of companies. In this regard, they must be able to harness engineering capabilities as well as sales and service capabilities closely tied to each region.
MHI and Hitachi share the same corporate credo of “Contribute to society through the development of superior, original technologies and products.” Over the years, the two companies have established partnerships harnessing their technical skills and expertise in a variety of fields. Examples include an alliance and subsequent establishment of a joint venture in the steel production machinery field; the collaboration in the overseas railway systems business; and the integration of the hydroelectric power generation system business. Another example has been joint support for the Fukushima Daiichi Nuclear Power Station of Tokyo Electric Power Company.
Based on the extensive partnership, the two companies have reached a basic agreement on business integration to address buoyant global demand for thermal power generation systems by harnessing superior technical skills, quality and reliability, with the aim of prevailing against intensifying global competition. The two companies aim to expand this business by swiftly reaping integration benefits. This will be done by consolidating their respective businesses centered on thermal power generation systems within a joint venture company by January 1, 2014. MHI and Hitachi will take equity interests of 65% and 35%, respectively, in the joint venture company. Furthermore, the integration process will see the two companies rapidly co-organize an Integration Preparation Committee, with the view to cooperating on promoting the work needed to achieve the integration.
In the thermal power generation field, the two companies both have expansive product lineups. For example, in gas turbines, MHI has focused on highly efficient large models in recent years. Meanwhile, Hitachi sees its mainstay products as small and medium-sized models. Regionally, MHI has strengths mainly in Southeast Asia and the Middle East, while Hitachi has harnessed its strengths in markets such as Europe and Africa. The two partners will strive to leverage the complementary strengths of both companies. Moreover, the two companies will further enhance their ability to address customer needs and provide services by taking advantage of their respective strengths in providing total solutions across all aspects of thermal power plants.
Through this agreement, MHI and Hitachi will develop a stable and efficient management base for the new company, while accelerating global business expansion by pursuing synergies through business integration. At the same time, the two companies will make the most of their collective capabilities, along with synergies and complementary strengths in technologies and product businesses. In this process, both companies aim to establish a leading global company in the thermal power generation systems field.
Further details, including an outline of the new company, will be announced as soon as they are determined.
Press Contacts
Mitsubishi Heavy Industries, Ltd.
Tel: +81-3-6716-2168 (Direct)
Hitachi, Ltd.
Tel: +81-3-5208-9324 (Direct)
Appendix
Overview of the business integration
(1) Scope of the business integration
The combined sales of both companies related businesses of the most recent fiscal year is approximately 1,100 billion yen. Businesses to be integrated are as follows.
Thermal power generation system businesses (gas turbines, steam turbines, boilers, generators, etc.)
Geothermal power system business
Environmental equipment
Fuel cells business
Other related business
Certain subsidiaries and equity method affiliates engaging in these businesses will be subject to the integration.
(2) Measure of integration
Businesses subject to the integration will be transferred to a joint venture company by way of company split and other method. Details of the integration will be determined after the consultation between MHI and Hitachi by the execution of the final agreement on the integration.
(3) Overview of the parties of the integration
Company name | Mitsubishi Heavy Industries, Ltd. | Hitachi, Ltd. |
Business | Engineering, manufacture and sale of ships, power systems, environmental improvement equipment, industrial machinery, aircraft, space systems, air-conditioner, etc. | Development, manufacture and sale of products and providing services across 10 segment: Information & Telecommunication Systems, Power Systems, Social Infrastructure & Industrial Systems, Electronic Systems & Equipment, Construction Machinery, Automotive Systems, Digital Media & Consumer Products, Financial Services, Others |
Establishment | January 11, 1950 | February 1, 1920 |
Head Office | 16-5, Konan 2-chome, Minato-ku, Tokyo | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo |
Name and title of Representative | Hideaki Omiya, President and CEO | Hiroaki Nakanishi, President |
Capital (as of September 30, 2012) | 265,608 million yen | 439,262 million yen |
Number of total issued shares (as of September 30, 2012) | 3,373,647,813 shares | 4,710,258,483 shares |
Total equity (as of September 30, 2012) | 1,298,071 million yen | 2,798,928 million yen |
Total Assets (as of September 30, 2012) | 3,896,221 million yen | 9,159,801 million yen |
Fiscal year end | March | March |
Major shareholders and shareholding ratio (as of September 30, 2012) | ・Japan Trustee Services Bank, Ltd. (Trust Account) 5.37% ・The Master Trust Bank of Japan, Ltd. (Trust Account) 5.02% ・The Nomura Trust and Banking Co,. Ltd. (Retirement Allowance Trust, The Bank of Tokyo- Mitsubishi UFJ, Ltd.) 3.72% ・SSBT D05 OMNIBUS ACCOUNT – TREATY CLIENTS 2.46% ・Meiji Yasuda Life Insurance Company 2.37% | ・The Master Trust Bank of Japan, Ltd. (Trust Account) 6.86% ・Japan Trustee Services Bank, Ltd. (Trust Account) 6.42% ・SSBT OD05 OMNIBUS ACCOUNT – TREATY CLIENTS 2.77% ・Hitachi Employees’ Shareholding Association 2.63% ・State Street Bank and Trust Company 505224 2.44% |
(4) Overview of the joint venture company
MHI and Hitachi will have equity interests of 65% and 35%, respectively, in the joint venture company. Calculation of the equity interest ratio will be examined through the planned due diligence, etc. Other details of the joint venture company will be announced as soon as determined.
(5) Schedule
November 29, 2012 Execution of basic agreement
Late April, 2013 (Tentative) Execution of final agreement
January 1, 2014 (Tentative) Closing
The business reorganization relating to the integration may be subject to the approval by the shareholders meeting of the MHI. In such case, MHI board will propose necessary items to its annual shareholders meeting to be held in late June, 2013.
3. Outlook
The impact of the business integration on the business results of MHI and Hitachi will be announced when it becomes clear.
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
29 November 2012
--Sponsorship Renewal for 2013 Will Be Leveraged for Multiple Hitachi Group Companies—
HARRODSBURG, KY (November 29, 2012) – Hitachi Automotive Systems Americas, Inc., a wholly owned subsidiary of Hitachi America, Ltd. today announced that Hitachi Automotive Systems will serve as the primary sponsor for nine races on the No. 3 Team Penske Dallara/Chevrolet driven by three-time Indianapolis 500 winner Helio Castroneves in the 2013 IZOD IndyCar Series. Hitachi Automotive Systems began its partnership with Team Penske for the 2012 season as the primary sponsor on the No. 2 Team Penske IndyCar. While the sponsorship is held by Hitachi Automotive Systems, the 2013 sponsorship will be leveraged to benefit multiple Hitachi Group companies in the Americas.
“Hitachi is a world-class company that has proven to be a terrific partner for us during the 2012 season,” said Roger Penske, Founder and Chairman of Penske Corporation. “The technical expertise Hitachi provides to Chevrolet in its IndyCar engine program underscores this relationship and represents a winning formula on many levels. We are pleased to have them back on board for the 2013 season.”
In 2013, the Hitachi primary sponsorship for the No. 3 machine driven by Brazilian-native Castroneves in the IndyCar Series will be for races in St. Petersburg, Fla; São Paulo, Brazil; Detroit (doubleheader race weekend); Newton, Iowa; Long Pond, Pa; Toronto, Canada (doubleheader race weekend) and Sonoma, Calif. Hitachi will also serve as an associate sponsor for all other IndyCar races during the 2013 season.
“We’re very excited to be back with Team Penske in 2013 and we look forward to working with Helio and the No. 3 car team,” said Rob Sharpe, Hitachi Automotive Systems Americas, Inc., Vice President of Sales and Marketing. In addition to its sponsorship, Hitachi Automotive Systems supplies several components on the Chevy IndyCar race engine. “Hitachi Automotive has a long standing relationship with General Motors and we will continue to collaborate on the fuel system delivery for Chevy’s racing engine used in the 2013 IndySeries. Our involvement with the engine itself gives added significance to this partnership,” Mr. Sharpe continued.
Additionally, Lauren Raguzin, Director, Branding and Corporate Communications Group for Hitachi America, Ltd., noted, “This sponsorship provides great visibility for the Hitachi brand in the Americas. We look forward to working with Team Penske to leverage the strong brand recognition by involving multiple companies within the Hitachi Group and look forward to an exciting year. The recent NASCAR Cup Series championship won by Penske Racing clearly exemplifies the motor sports expertise Penske commands and we are thrilled to partner with them in 2013.”
About Hitachi Automotive Systems, Ltd.
Hitachi Automotive Systems, Ltd., is a wholly-owned subsidiary of Hitachi, Ltd., headquartered in Tokyo, Japan. The company is engaged in the development, manufacture, sales and services of automotive components, transportation related components, industrial machines and systems, and offers a wide range of automotive systems including engine management systems, electric power train systems, drive control systems and car information systems. For more information, please visit the company's website at http://www.hitachi-automotive.co.jp/en/.
About Hitachi Automotive Systems Americas, Inc.
Hitachi Automotive Systems Americas, Inc., a subsidiary of Hitachi America, Ltd., manufactures, remanufactures and markets a wide range of automotive systems including engine management systems, electric power train systems, drive control systems and car information systems for all major automotive original equipment manufacturers and aftermarket customers worldwide, providing leadership within Hitachi Automotive Systems’ global operations as the regional headquarters in the Americas. The company is headquartered in Harrodsburg, KY. For more information, please visit http://www.hitachi-automotive.us/
About Hitachi America, Ltd.
Hitachi America, Ltd. headquartered in Tarrytown, New York, a subsidiary of Hitachi, Ltd., and its subsidiary companies offer a broad range of electronics, power and industrial equipment and services, automotive products and consumer electronics with operations throughout the Americas. For more information, visit www.hitachi-america.us. For more information on other Hitachi Group companies in the United States, please visit www.hitachi.us.
About Penske Racing
Penske Racing is one of the most successful teams in the history of professional sports. Competing in a variety of disciplines, cars owned and prepared by Penske Racing have produced 364 major race wins, 423 pole positions and 24 National Championships, including the 2012 NASCAR Sprint Cup Series title. The team has also earned 15 Indianapolis 500 victories and 165 IndyCar wins. For more information about Penske Racing, please visit www.penskeracing.com.
Press Contacts
Rob Sharpe
Hitachi Automotive Systems Americas, Inc.
rob.sharpe@hitachi-automotive.us
248-442-6733
Lauren Raguzin
Hitachi America, Ltd.
lauren.raguzin@hal.hitachi.com
914-333-2986
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
1 February 2013
Hitachi to Merge Hitachi Plant Technologies to Strengthen Social Innovation Business
Tokyo, February 1, 2013 --- Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced that it has decided to conduct an absorption-type merger of wholly owned subsidiary Hitachi Plant Technologies, Ltd. on April 1, 2013.
This merger is being conducted to promote the integrated management of sales, research and development, and procurement in Hitachi’s infrastructure systems business, as well as to consolidate expertise and technologies, and strengthen Hitachi’s ability to make proposals and respond quickly to diversifying market needs. Furthermore, by strengthening cooperation with other in-house companies, including the Information & Telecommunication Systems Company, the Power Systems Company and with other Hitachi Group Companies, Hitachi hopes to increase the added value it provides.
At present, in emerging economies, demand is increasing for the construction of new social infrastructure, as well as for improving the efficiency of existing social infrastructure, such as power, water and railway systems. This is particularly important in India and Southeast Asian countries due to the rapid economic growth in these regions. At the same time, developed countries need to construct next-generation social infrastructure based on information technology (IT) to create low-carbon, sustainable societies, and to address aging social infrastructure.
Hitachi operates its Social Innovation Business globally. Hitachi’s infrastructure systems business is spearheaded by the Infrastructure Systems Company, which was formed in April 2012 through the reorganization of the Information & Control Systems Company and the Industrial & Social Infrastructure Systems Company (both in-house companies) and Hitachi Plant Technologies, a wholly owned subsidiary.
Hitachi Plant Technologies was formed in April 2006 through the merger of Hitachi Plant Engineering & Construction Co., Ltd., Hitachi Kiden Kogyo, Ltd., Hitachi Industries Co., Ltd. and part of Hitachi’s Industrial Systems Group. Since then, Hitachi Plant Technologies has endeavored to increase its market share and strengthen its earnings on a global basis through key businesses such as social infrastructure systems, including large pumps, compressors and water treatment systems, and industrial systems, including chemical and pharmaceutical plants. In April 2010, it became a wholly owned subsidiary of Hitachi with the goal of strengthening the Social Innovation Business.
The merger announced today is aimed at further, global expansion of Hitachi’s Social Innovation Business. The merger will create a more robust management platform in the infrastructure systems business and improve Hitachi’s ability to propose solutions.
Certain disclosures and details have been omitted as this merger is an absorption-type merger in which Hitachi will integrate a wholly owned subsidiary.
1. Purpose of the Merger
The integration of Hitachi’s Infrastructure Systems Group and Hitachi Plant Technologies will enable the prompt provision of total solutions, extending from the design, development, construction and maintenance of conventional social infrastructure systems to the provision of expertise relating to the management of business assets and more efficient systems operations. Furthermore, through greater integrated management of the Social Innovation Business and the plant total solutions business, which Hitachi and Hitachi Plant Technologies are respectively developing globally, Hitachi aims to strengthen its solutions proposal capabilities. This will also enhance Hitachi’s ability to respond to diversifying needs such as those for advanced social infrastructure systems fused with IT, for which demand is expected to increase going forward.
2. Outline of the Merger
(1) Schedule
Decision to merge February 1, 2013
Conclusion of Merger Agreement February 1, 2013
Scheduled Merger Date (Effective Date) April 1, 2013
* The merger is deemed to be a simplified absorption-type merger for Hitachi pursuant to Article 796, Paragraph 3 of the Companies Act of Japan. Furthermore, it is deemed to be a short-form absorption-type merger for Hitachi Plant Technologies pursuant to Article 784, Paragraph 1 of the Companies Act of Japan. Therefore, Hitachi and Hitachi Plant Technologies do not plan to convene shareholders’ meetings to obtain approval for the merger agreement.
(2) Merger Method
As the surviving company, Hitachi will absorb Hitachi Plant Technologies, which will be dissolved thereafter.
(3) Details of Allotments Related to the Merger
There will be no allotment of shares or other assets as a result of this merger, because the merger is with a wholly owned subsidiary of Hitachi.
(4) Handling of Stock Acquisition Rights and Bonds with Stock Acquisition Rights of the Company to Be Dissolved
Hitachi Plant Technologies has not issued any stock acquisition rights or bonds with stock acquisition rights.
3. Profiles of the Parties of the Merger
(1) Name | Hitachi, Ltd. (Surviving company) | Hitachi Plant Technologies, Ltd. (Company to be dissolved) |
(2) Business | Development, manufacture and sales of products and provision of services across 10 segments: Information & Telecommunication Systems, Power Systems, Social Infrastructure & Industrial Systems, Electronic Systems & Equipment, Construction Machinery, High Functional Materials & Components, Automotive Systems, Digital Media & Consumer Products, Financial Services, Others (Consolidated) | Development, design, manufacture, sale, service and construction of social infrastructure systems, industrial systems, air conditioning systems, and energy systems, etc. |
(3) Established | February 1, 1920 (Founded 1910) | April 1, 2006 (Founded 1929) |
(4) Head office | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo | 5-2, Higashi-Ikebukuro 4-chome, Toshima-ku, Tokyo |
(5) Representative | Hiroaki Nakanishi, President | Toshiaki Higashihara President and Representative Director |
(6) Paid-in capital (As of September 30, 2012) | 439,262 million yen | 12,000 million yen |
(7) Total number of issued shares (As of September 30, 2012) | 4,710,258,483 shares | 194,820,508 shares |
(8) Fiscal year-end | March | March |
(9) Major shareholders and shareholding (As of September 30, 2012) | The Master Trust Bank of Japan, Ltd. (Trust Account) 6.86% Japan Trustee Services Bank, Ltd. (Trust Account) 6.42% SSBT OD05 OMNIBUS ACCOUNT – TREATY CLIENTS 2.77% Hitachi Employees’ Shareholding Association 2.63% State Street Bank and Trust Company 505224 2.44% | Hitachi, Ltd. 100% |
(10) Business Results and Financial Status for the Most Recent Fiscal Year(Millions of yen unless otherwise specified) | ||
Net assets | 2,773,995 (Consolidated) | 90,180 (Consolidated) |
Total assets | 9,418,526 (Consolidated) | 295,838 (Consolidated) |
Net assets per share (yen)*1 | 382.26 (Consolidated) | 453.19 (Consolidated) |
Revenues | 9,665,883 (Consolidated) | 334,339 (Consolidated) |
Operating income | 412,280 (Consolidated) | 9,888 (Consolidated) |
Ordinary income*2 | 557,730 (Consolidated) | 9,473 (Consolidated) |
Net income | 347,179 (Consolidated) | 3,494 (Consolidated) |
Net income per share (yen) | 76.81 (Consolidated) | 17.93 (Consolidated) |
*1 Since Hitachi has been adopting U.S. accounting standards, this figure represents stockholders’ equity per share.
*2 Since Hitachi has been adopting U.S. accounting standards, this figure represents income before income taxes.
4. Status of Hitachi After the Merger
There will be no change in the company name, business, head office location, representative, paid-in capital or fiscal year of Hitachi due to the merger.
5. Future Outlook
The merger will have minimal impact on the consolidated operating results of Hitachi because it is a merger with a wholly owned subsidiary.
(Reference)
Consolidated Business Forecasts for the Year Ending March 31, 2013 (announced on October 30, 2012) and Consolidated Operating Results for the Previous Fiscal Year (Millions of yen)
. | Revenues | Operating income | Income before income taxes | Net income attributable to Hitachi, Ltd. stockholders |
Consolidated Business Forecasts for Fiscal 2012 (Year Ending March 31, 2013) | 9,000,000 | 480,000 | 400,000 | 200,000 |
Consolidated Operating Results for Fiscal 2011 (Year ended March 31, 2012) | 9,665,883 | 412,280 | 557,730 | 347,179 |
About Hitachi, Ltd.
Hitachi, Ltd., (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen ($117.8 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are not limited to:
• economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
• exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi’s assets and liabilities are denominated, particularly against the U.S. dollar and the euro;
• uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing;
• uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds;
• the potential for significant losses on Hitachi’s investments in equity method affiliates;
• increased commoditization of information technology products and digital media-related products and intensifying price competition for such products, particularly in the Digital Media & Consumer Products segments;
• uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products;
• rapid technological innovation;
• the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales;
• fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components;
• fluctuations in product demand and industry capacity;
• uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components;
• uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business;
• uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness;
• uncertainty as to the success of cost reduction measures;
• general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations;
• uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporations in the design and development of certain key products;
• uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics and data processing technologies;
• uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity method affiliates have become or may become parties;
• the possibility of incurring expenses resulting from any defects in products or services of Hitachi;
• the possibility of disruption of Hitachi’s operations by earthquakes, tsunamis or other natural disasters;
• uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect its confidential information or that of its customers;
• uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its significant employee benefit-related costs; and
• uncertainty as to Hitachi’s ability to attract and retain skilled personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi.
Press Contacts
Japan
Hirotaka Ono
Hitachi, Ltd.
+81-3-5208-9324
U.S
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
1 March 2013
Tokyo, March 1, 2013 – Hitachi Maxell, Ltd. and Hitachi Consumer Electronics Co., Ltd. today announced that Hitachi Consumer Electronics’ LCD projector business will be transferred to Hitachi Maxell by the end of June 2013. Hitachi Maxell plans to capture synergies with its optical business in terms of technologies and sales and marketing to strengthen and generate higher profits in this business.
1. Objective of the Business Transfer
Hitachi Maxell has developed its businesses for corporations and consumers leveraging its proprietary brand and worldwide sales network. Within those businesses, the optical business is one of the fields in which Hitachi Maxell is strengthening. With various optical-related technologies, including optical design and molding, Hitachi Maxell is expanding sales of compact, high-precision camera lens units for smartphones, digital single lens reflex (SLR) cameras and automobiles, while also expanding business in new fields. Hitachi Consumer Electronics, meanwhile, boasts LCD projectors that achieve high brightness and high resolution thanks to advanced electronics technologies grounded on image, optics and transfer technologies amassed to date. These projectors are also outstanding in terms of their ultra-short image throwing capabilities. Hitachi Consumer Electronics has an impressive sales track record in these projectors to the education and corporate sectors in world markets.
This transfer is aimed at strengthening and generating higher profits under the “HITACHI brand” in this business by capturing synergies in terms of technologies and sales channels in this business and Hitachi Maxell’s optical business. It is also intended to create products and services in new business fields.
Along with the business transfer announced today, plans call for two companies to become subsidiaries of Hitachi Maxell. One is Hitachi Joei Tech Co., Ltd., a subsidiary of Hitachi Consumer Electronics that designs and manufactures molds for optical and other components and manufactures and assembles printed circuit boards. Hitachi Digital Products China Co., Ltd., a company in which Hitachi (China) Co., Ltd. and Hitachi Consumer Electronics are shareholders will also be become a subsidiary of Hitachi Maxell. Both Hitachi Maxell and Hitachi Consumer Electronics will discuss the details of the business transfer and method for converting the aforementioned companies into Hitachi Maxell subsidiaries going forward.
2. Overview of the Companies Involved
Overview of Hitachi Maxell
(1) Company: Hitachi Maxell, Ltd.
(2) Head Office: 2-18-2 Iidabashi, Chiyoda-ku, Tokyo
(3) Representative: Yoshihiro Senzai, President and CEO
(4) Business: Manufacturing and sales of functional materials, batteries, devices, optical components and electronic appliances
(5) Established: September 3, 1960
(6) Consolidated net sales: 119,463 million yen (Year ended March 31, 2012) (Note)
(7) Paid-in Capital: 12,203 million yen (Hitachi, Ltd.: 99.3%)
(8) No. of Employees: Non-consolidated: 2,458, consolidated: 3,821
(As of January 31, 2013)
(Note) This figure has not been audited by an accounting auditor and does not include the former Hitachi Maxell Energy, Ltd.
Overview of Hitachi Consumer Electronics
(1) Company: Hitachi Consumer Electronics Co., Ltd.
(2) Head Office: 2-1, Otemachi 2-chome, Chiyoda-ku, Tokyo
(3) Representative: Shutoku Watanabe, President & Representative Director
(4) Business: Development, manufacture and sales of commercial LCD projectors, video equipment, and energy management support services.
(5) Established: July 1, 2009
(6) Consolidated net sales: 262,400 million yen (Year ended March 31, 2012)
(7) Paid-in Capital: 1,000 million yen (Hitachi, Ltd.: 100%)
(8) No. of Employees: approx. 600 (As of December 31, 2012)
Overview of Hitachi Joei Tech
(1) Company: Hitachi Joei Tech Co., Ltd.
(2) Head Office: 292, Yoshida-cho, Totsuka-ku, Kanagawa, Japan
(3) Representative: Kenichi Yoshitake, President
(4) Business: Design and manufacture of molds for automotive, optical and other components, manufacture of plastic molds, manufacture and assembly of precision surface mounting substrates, and repair and sales of video equipment, etc.
(5) Established: June 28, 1975
(6) Consolidated net sales: 9,952 million yen (Year ended March 31, 2012)
(7) Paid-in Capital: 65 million yen (Hitachi Consumer Electronics Co., Ltd.: 50.8%)
(8) No. of Employees: approx. 400 (As of December 31, 2012)
Overview of Hitachi Digital Products China
(1) Company: Hitachi Digital Products China Co., Ltd.
(2) Head Office: No. 98, Dongshan Road, Gushan Dist., Fuzhou, Fujian, China
(3) Representative: Masaharu Deguchi, Direcotor and President
(4) Business: Manufacture and sale of commercial LCD projectors, optical-related products, etc.
(5) Established: June 15, 2001
(6) Consolidated net sales: 1,350 million yuan (Year ended December 31, 2012)
(7) Paid-in Capital: 160 million yuan
(Hitachi (China) Co., Ltd.: 52.4%, Hitachi Consumer Electronics Co., Ltd.: 25.6%)
(8) No. of Employees: approx. 300 (As of December 31, 2012)
Press Contacts
Japan
Hisaaki Mutsuzaki
Hitachi Maxell, Ltd.
+81-3-3515-8283
hisaaki-mutsuzaki@maxell.co.jp
Hirofumi Mori
Hitachi Consumer Electronics Co.,Ltd.
+81-3-3231-5744
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
14 March 2013
Tokyo, March 14, 2013 --- Hitachi, Ltd. (TSE:6501) today announced that the Board of Directors decided on a plan for the year-end dividend for the fiscal year ending March 31, 2013. The record date for the year-end dividend is March 31, 2013. The year-end dividend is scheduled to be finally authorized by the Board of Directors in May 2013.
1. Reasons
The forecast of year-end dividend for the fiscal year ending March 31, 2013 had not been decided. However, after taking into consideration our business performance and other factors based on Hitachi’s basic policy for dividends, the Board decided on the year-end dividend forecast. Consequently, Hitachi plans to pay a year-end dividend of 5 yen per share.
2. Details
3. Effective Date of Year-End Dividend (Plan)
May 28, 2013
Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are not limited to:
• economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
• exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi’s assets and liabilities are denominated, particularly against the U.S. dollar and the euro;
• uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing;
• uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds;
• the potential for significant losses on Hitachi’s investments in equity method affiliates;
• increased commoditization of information technology products and digital media-related products and intensifying price competition for such products, particularly in the Digital Media & Consumer Products segments;
• uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products;
• rapid technological innovation;
• the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales;
• fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components;
• fluctuations in product demand and industry capacity;
• uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components;
• uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business;
• uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness;
• uncertainty as to the success of cost reduction measures;
• general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations;
• uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporations in the design and development of certain key products;
• uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics and data processing technologies;
• uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity method affiliates have become or may become parties;
• the possibility of incurring expenses resulting from any defects in products or services of Hitachi;
• the possibility of disruption of Hitachi’s operations by earthquakes, tsunamis or other natural disasters;
• uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect its confidential information or that of its customers;
• uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its significant employee benefit-related costs; and
• uncertainty as to Hitachi’s ability to attract and retain skilled personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen ($117.8 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, industrial, transportation and urban development systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Press Contacts
Japan
Atsushi Konno
Hitachi, Ltd.
+81-3-5208-9324
US
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
28 March 2013
-- Newly Establish the Automotive Systems Group --
Tokyo, March 28, 2013 --- Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced that it has decided to reorganize the management structure of the Hitachi Group, which is currently composed of five groups, into six groups on April 1. Hitachi will establish the Automotive Systems Group.
With the intention of enabling swift response to the dynamic global changes in business models and services centered on social infrastructure, on April 1, 2012 the Hitachi Group reorganized the entire Hitachi Group into five groups to achieve an increased focus on growing fields. The automotive components business was an element of the Infrastructure Systems Group, and by promoting smoother coordination between automobiles, which are an important means of moving around urban areas, and infrastructure systems, the Infrastructure Systems Group drove initiatives to advance urban functions. Hitachi has now judged that it is necessary to bring about more speedy management decision-making because going forward there will be accelerating changes in the needs of regions and of customers.
Looking ahead, the Automotive Systems Group including Hitachi Automotive Systems, Ltd. aims to develop further in the global market based on growing the “local production for local consumption” business model and to be a global major player.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen. Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, industrial, transportation and urban development systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Press Contacts
Japan
Atsushi Konno
Hitachi, Ltd.
+81-3-5208-9324
US
Masayuki Takeuchi
Hitachi America, Ltd.
(914) 333 - 2987
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
23 April 2013
Tokyo, April 23, 2013 --- Hitachi, Ltd. (TSE:6501) today announced director candidates in accordance with a decision taken at a meeting of Nominating Committee convened today, subject to approval at Hitachi’s Ordinary General Meeting of Shareholders in June 2013.
Hitachi has worked actively over the years to strengthen its corporate governance. For instance, Hitachi adopted the Committees System under Japanese law in 2003, with the aim of creating a framework for quick business operation, by demarcating responsibilities for management oversight and those for the execution of business operations, while making management highly transparent. Last year, Hitachi increased the number of outside directors, including non-Japanese, and made outside directors the majority on the Board of Directors. Hitachi this year continues making the same move in increasing outside director candidates including non-Japanese in order to better reflect various global viewpoints in management to drive further growth on a global basis as well as to further strengthen management oversight.
1. Director Candidates <Proposed at Hitachi’s Ordinary General Meeting of Shareholders in June 2013> [* New]
<Chairman of the Board>
Takashi Kawamura, currently Chairman of the Board
<Outside Director>
Yoshie Ota, currently Outside Director of Hitachi, Ltd.
Nobuo Katsumata, currently Outside Director of Hitachi, Ltd., Senior Corporate Advisor and Member of the Board of Marubeni Corporation
*Cynthia Carroll, former CEO of Anglo American plc (UK)
*Sadayuki Sakakibara, currently Chairman of the Board and Representative Member of the Board, Toray Industries, Inc.
George Buckley, currently Outside Director of Hitachi, Ltd., Chairman of Arle Capital Partners Limited (UK)
Harufumi Mochizuki, currently Outside Director of Hitachi, Ltd., Senior Adviser to the Board of Nippon Life Insurance Company
Tohru Motobayashi, currently Outside Director of Hitachi, Ltd., Attorney at law
Philip Yeo, currently Outside Director of Hitachi, Ltd., Chairman of SPRING Singapore
<Director>
Michijiro Kikawa, currently Director of Hitachi, Ltd., Chairman of the Board of Hitachi Construction Machinery Co., Ltd.
Stephen Gomersall, currently Director of Hitachi, Ltd., Chairman of the Board of Hitachi Europe Ltd.
Hiroaki Nakanishi, currently Director, Representative Executive Officer and President of Hitachi, Ltd.
Takashi Hatchoji, currently Director of Hitachi, Ltd., Chairman of the Board of Hitachi America, Ltd.
Takashi Miyoshi, currently Director of Hitachi, Ltd.
Note: Director Candidates are listed in Japanese alphabetical order within each grouping.
2. Retiring Directors
Mitsuo Ohashi, currently Outside Director of Hitachi, Ltd., Advisor of Showa Denko K.K.
3. Biography of New Director Candidates
Cynthia Carroll
1. Date of Birth | : | November 13, 1956 | |
2. Education | |||
June, 1989 | : | Graduated from Harvard Business School, Master of Business Administration | |
January, 1982 | : | Graduated from University of Kansas, Master of Science in Geology | |
June, 1978 | : | Graduated from Skidmore College, Bachelor of Science in Geology | |
3. Professional Experience | |||
March, 2007 | : | CEO, Anglo American plc (UK) (Retired in April, 2013) | |
January, 2002 | : | President and CEO, Primary Metal Group, Alcan Inc. (Canada) | |
October, 1998 | : | President, Bauxite, Alumina and Speciality Chemicals, Alcan Inc. | |
January, 1996 | : | Managing Director, Aughinish Alumina Limited, Alcan Inc. | |
October, 1991 | : | General Manager, Foil Products, Alcan Inc. | |
August, 1989 | Joined Alcan Inc. | ||
June, 1982 | : | Joined Amoco Corporation (USA) | |
Sadayuki Sakakibara
1. Date of Birth | : | March 22, 1943 | |
2. Education | |||
March, 1967 | : | Graduated from Nagoya University, Master Degree of Applied Chemistry | |
3. Professional Experience | |||
June, 2010 | : | Chairman of the Board and Representative Member of the Board, Toray Industries, Inc. | |
June, 2002 | : | President and Representative Member of the Board, Toray Industries, Inc. | |
June, 2001 | : | Executive Vice President and Representative Member of the Board, Toray Industries, Inc. | |
June, 1999 | : | Senior Vice President (Member of the Board and the Member of the Executive Committee), Toray Industries, Inc. | |
June, 1998 | : | Senior Vice President (Member of the Board), Toray Industries, Inc. | |
June, 1996 | : | Vice President (Member of the Board), Toray Industries, Inc. | |
April, 1967 | : | Joined Toyo Rayon Co., Ltd. | |
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen. Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, industrial, transportation and urban development systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Press Contacts
Japan
Atsushi Konno
Hitachi, Ltd.
+81-3-5208-9324
US
Masayuki Takeuchi
Hitachi America, Ltd.
(914) 333 - 2987
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
26 April 2013
Tokyo, April 26, 2013 --- Mitsubishi Heavy Industries, Ltd. (TSE:7011, “MHI”) and Hitachi, Ltd. (TSE:6501, “Hitachi”) today announced that there were changes in certain items including the schedule for the execution of the definitive agreement announced in a press release titled “Mitsubishi Heavy Industries and Hitachi Reach a Basic Agreement on Business Integration in the Thermal Power Generation Systems Field” on November 29, 2012. Details of the changes are as follows.
1. Change in Schedule for Execution of Definitive Agreement
MHI and Hitachi had been preparing to execute the definitive agreement in late April 2013. However, the two companies have agreed to postpone the schedule for the execution of the definitive agreement in order to continue discussions for several more weeks. This is to facilitate the smooth business integration and to ensure stronger competitiveness in business development after the integration.
There is no change in the planned closing date (January 1, 2014) for the integration.
2. Approval by the Shareholders Meeting of MHI
It had been announced that the business reorganization relating to the integration might be subject to approval by the shareholders meeting of MHI and that, in such a case, the MHI board would propose the necessary items to its annual shareholders meeting to be held in late June 2013. However, after scrutinizing the assets to be transferred from MHI to the joint venture company, it is found that the business reorganization will be implemented through a simple absorption-type corporate split pursuant to Article 784, Paragraph 3 of the Companies Act of Japan or other methods without obtaining the approval by the shareholders meeting of MHI.
3. Outlook
The main terms of the definitive agreement and other matters concerning the business integration will be announced promptly after they are agreed and decided by the two companies.
Contacts:
Mitsubishi Heavy Industries, Ltd.
Tel: +81-3-6716-2168 (Direct)
Hitachi, Ltd.
Tel: +81-3-5208-9324 (Direct)
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.
7 May 2013
- Shared among all employees as the Group enters a new phase of growth -
Tokyo, May 7, 2013 – Hitachi, Ltd. (TSE: 6501, “Hitachi”) has created a new “Vision” to express the ideals of the Hitachi Group as it heads into a new phase of growth. This new Vision coincides with the start of the new Mid-term Management Plan in fiscal 2013. Throughout its 100 year history, the Hitachi Group has passed on its Mission and Values, as embodied in Hitachi’s Principle and Hitachi Founding Spirit. The Vision has been created based on these Mission and Values, as a fresh expression of what the Hitachi Group aims to become in the future. Furthermore, a new “Hitachi Group Identity” has been established, reorganizing the Mission and Value shared by all Hitachi Group employees, as well as the Vision, which forms the foundation for the Mission and Values. In this way, the entire Group will be brought together in achieving the form that the Hitachi Group aims to become in the future, promoting a transition into a new phase of growth.
Hitachi introduced Brand Management in April 2000 to increase the value of the Hitachi brand. The goal of Brand Management is to ensure that employees understand and share the principles embodied by Hitachi’s Corporate Brand; to build unique brand value through consistent corporate activities; to secure competitive superiority in the market and a high profit structure; and to increase corporate value. “Inspire the Next,” which was created as Hitachi’s Corporate Statement, is recognized throughout the world, along with the message that communicates the promise of the Hitachi Brand: “Breathing new life into society and lifestyles in the next era, by providing new products, systems, and services that accurately anticipate the needs of that era.”
Hitachi has reorganized the Hitachi Group Identity to promote a transition in the Hitachi Group toward growth in the global market, and to roll out the Social Innovation Business in markets around the world. In addition to the “Defensive brand strategies” aimed at fostering value in regions where the Hitachi Brand has already attained a certain degree of presence, the company will also implement “Aggressive brand strategies” aimed at achieving effective penetration of the Hitachi Brand in regions where a presence has yet to be established. In this way, it will put in place a superior business environment for the rollout of business in new global markets, and provide support in the global growth of the Hitachi Group.
The newly created Vision is an expression of what the Hitachi Group aims to become in the future: “Hitachi delivers innovations that answer society’s challenges. With our talented team and proven experience in global markets, we can inspire the world.” Leveraging the knowledge and experience that Hitachi has cultivated through its 100 year history, the company will create innovations in collaboration with regional partners and stakeholders, and devote its energies to resolving social issues on a global scale, doing its part to create a world that is overflowing with vitality, by “Inspiring the World”. In this way, Hitachi will demonstrate that its stance transcends conventional approaches of B2C and B2B, with a new focus on B2S, which means Business to Society. Hitachi will combine the strengths of the entire Group to make a transformation into a truly major global player, based on the new Mid-term Management Plan, which is the action plan for achieving the goals of this vision.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen. Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, industrial, transportation and urban development systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Hitachi in Canada
At Hitachi, green and digital innovation drives our mission as climate change innovators. Converging operational and information technologies, Hitachi is addressing societal and environmental challenges, shaping a greener, brighter tomorrow for all.