5 December 2011
Tokyo, Japan, December 5, 2011 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced a change in the schedule for transfer of Hitachi’s hard disk drive business to Western Digital Corporation (NYSE: WDC, “WD”), following WD’s announcement issued on December 1, 2011. WD now expects to close the transaction by March 2012 subject to the completion of obtaining approvals from European Commission and other regulatory authorities, according to the announcement by WD. It had previously been announced that the transaction was expected to close in the quarter ending December 2011(*1).
On March 7, 2011, Hitachi and WD entered into a definitive agreement to transfer all shares of Hitachi Global Storage Technologies’ holding company, Viviti Technologies Ltd. to WD, which is subject to customary closing conditions, including regulatory approvals(*2).
*1 In May 2011, Hitachi announced that Hitachi and WD expected to close the transaction in the quarter ending December 2011 due to the European Commission’s determination to enter a Phase II review of the transaction. Please see “Schedule for Transfer of Hitachi’s Hard Disk Drive Business to Western Digital” (dated May 31, 2011).
*2 “Hitachi Transfers Hard Disk Drive Business to Western Digital” (dated March 7, 2011)
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 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 in Japan, 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 Components & Devices and 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 and other 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 in Japan by earthquakes, tsunamis or other natural disasters, including the possibility of continuing adverse effects on Hitachi’s operations as a result of the earthquake and tsunami that struck northeastern Japan on March 11, 2011;
• 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 Hitachi’s periodic filings with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.
Contacts
Japan
Hajime Kito
Hitachi, Ltd.
+81-3-5208-9323
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.
5 May 2011
Microsoft selects Hitachi Consulting to support its nearshore Microsoft Business Solutions Information Technology strategy
Fargo, ND – December 5, 2011 – Microsoft today announced it has chosen Hitachi Consulting, an award-winning Microsoft Gold Certified Partner and global management consulting and technology services company, to supplement its Microsoft Business Solutions (MBS) IT team located in Fargo, ND. The agreement elevates the decade-long strategic relationship between the two companies, as well as opens up exciting business and employment opportunities for the community.
Under the agreement, Hitachi Consulting will establish a technical development center in Fargo. From this center, the company will provide sourcing, program management, development, and testing for the MBS IT organization. MBS is the business group within Microsoft that builds Microsoft Dynamics ERP and Microsoft Dynamics CRM solutions, and the MBS IT organization builds internal software solutions to support the MBS business. Hitachi Consulting will also look to develop new business and service other existing clients from this new facility.
“Microsoft sought a vendor committed to building a strong organization in Fargo, and Hitachi Consulting outlined a compelling vision and plan for developing a nearshore strategy,” said Don Morton, Site Leader of the Microsoft campus in Fargo. “We are pleased to expand our relationship with Hitachi Consulting to continue to provide nearshore IT value through lower costs, higher quality, and consistent delivery.”
Hitachi Consulting is one of Microsoft’s largest enterprise alliance partners and is recognized worldwide for its global brand, technology expertise, and industry-led solutions. Hitachi Consulting has earned many awards including Microsoft Dynamics AX Global Partner of the Year, Microsoft Dynamics Partner of the Year, and multiple Customer Excellence awards.
“We are very excited to elevate our already successful global relationship with Microsoft to make Fargo a major technology hub for our business,” said Phil Parr, President and CEO of Hitachi Consulting. “This marks another key milestone in our growth strategy and will help us quickly establish a stronger presence in the region to further expand our global delivery scale.”
“North Dakota’s business-friendly environment and educated workforce make it an attractive region to develop a strong near-shore strategy,” said Mike Gillis, Senior Vice President of Hitachi Consulting’s Microsoft Dynamics practice. “With low unemployment rates and several high-quality universities nearby, the area provides us with a large pool of educated, experienced, and quality individuals to expand our workforce. We believe in a future where the best consulting firms will have major centers in North America, India and China. We are proud that Hitachi Consulting can play a leadership role, providing its customers choice and flexibility in supporting their global business processes. Now with our 360 degree relationship with Microsoft, Hitachi Consulting is well poised to establish a strong presence in the Fargo area.”
Near-term, Microsoft will offer Hitachi Consulting its facility for co-location of the teams. As Hitachi Consulting grows, it has plans to move to its own building allowing them to expand their presence in Fargo and further develop their business by servicing other global companies.
About Hitachi Consulting Corporation
As the global consulting company of Hitachi, Ltd., Hitachi Consulting is uniquely positioned with the agility and client-focused approach of a boutique firm along with the stability and innovation that comes from being part of Hitachi. The company is committed to helping clients bring their business visions to life by applying in-depth industry expertise, innovative solutions and technology services. From strategy articulation through application deployment and maintenance, the company offers a full-range of services and solutions.
Its client base includes 35 percent of the Fortune 100 and 25 percent of the Global 100, along with many mid-market leaders. With offices in North America, Europe, the Middle East and Asia, Hitachi Consulting employs more than 5,000 professionals across 13 countries with delivery centers in India and China to offer global delivery scale. For more information, visit www.hitachiconsulting.com.
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About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 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.
Contacts
Lisa Nemec
Senior Manager, Corporate Marketing
Hitachi Consulting
949.242.1300
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.
27 December 2011
Tokyo, December 26, 2011 – As announced on July 29, 2011, Hitachi, Ltd. (“Hitachi”, NYSE: HIT / TSE: 6501), Fuji Electric Co., Ltd. (“Fuji Electric”, TSE: 6504) and Meidensha Corporation (“Meiden”, TSE: 6508) agreed to begin concrete discussions toward the dissolution of their joint venture in the power transmission and distribution (“T&D”) field.*1 Furthermore, as announced on September 29, 2011, the three companies, reached a basic agreement on this matter.*2 Today, the parties reached the following final agreement (“Final Agreement”).
*1 Please refer to the press release “Hitachi, Fuji Electric and Meiden Begin Discussions toward Dissolving a T & D Joint Venture” dated July 29, 2011.
*2 Please refer to the press release “Hitachi, Fuji Electric and Meiden Reach Basic Agreement on Dissolving T&D Joint Venture (Progress Report)” dated September 29, 2011.
I. Reason for Joint Venture Dissolution
Japan AE Power Systems Corporation (“AE Power”), the joint venture by joint contribution of Hitachi, Fuji Electric and Meiden (“Co-parent Companies”), was established on July 1, 2001 by the consolidation of the three companies’ T&D businesses and has been developing its business globally. In recent years, the market for these T&D systems has seen growing demand, particularly from emerging markets. Going forward, higher growth rate is expected by the progress of the smart energy in social infrastructure and the industrial field, such as the use of the renewable energy resources and the smart grid.
Under such circumstance, the parties had the discussions on the AE Power growth strategy taking into account various factors and they came to reach a same conclusion that there is a need to fundamentally review its growth strategy. The parties recently reached a basic framework agreement that the parties will dissolve AE Power for a better organization and they will rebuild and explore the growth of T&D business in each company level.
II. Overview of Business Succession Due to Joint Venture Dissolution
1. Succession Method for Joint Venture Business
The Co-parent Companies shall take over the business of AE Power via the following methods:
Hitachi: Hitachi T&D, Ltd. (“Hitachi T&D”), a subsidiary of Hitachi, shall take over a part of the T&D business run by AE Power through an absorption-type corporate split on April 1, 2012. Hitachi will then succeed Hitachi T&D in an absorption-type merger on the same day, in which Hitachi T&D will be the dissolving company.*1
*1 For details of this merger, please also refer to Hitachi’s press release titled “Hitachi to Be Successor Upon Dissolution of T&D Joint Venture Involving Hitachi, Fuji Electric and Meiden,” which was issued on October 31, 2011.
Fuji Electric: Fuji Electric T&D Succession Co., Ltd. (“Fuji Electric T&D Succession”), a subsidiary of Fuji Electric, shall take over a part of the T&D business run by AE Power through an absorption-type corporate split on April 1, 2012. Fuji Electric will then succeed Fuji Electric T&D Succession in an absorption-type merger on the same day, in which Fuji Electric T&D Succession will be the dissolving company.*2
*2 For details of this merger, please also refer to Fuji Electric’s press release titled “Determination of the Successor Entity and Other Relevant Matters Concerning the Business to Be Acquired by Fuji Electric Following the Dissolution of a T&D Joint Venture Involving Hitachi, Fuji Electric and Meiden,” which was issued on October 27, 2011.
Meiden: Meiden T&D Corporation (“Meiden T&D”), a subsidiary of Meiden, shall take over a part of the T&D business run by AE Power through an absorption-type corporate split on April 1, 2012.
2. Succession of Rights and Obligations
The assets and others (“Assets”) assumed from the Co-parent Companies when AE Power was established shall be returned to each of the companies, and the rights and obligations relating to the domestic works of AE Power shall be transferred as follows:
The rights and obligations, excluding switchgear business, of the Kokubu Works (Hitachi-shi, Ibaraki Prefecture): Hitachi
The rights and obligations relating to switchgear business of the Kokubu Works: Hitachi and Fuji Electric
The rights and obligations of the Chiba Works (Ichihara-shi, Chiba Prefecture):
Fuji Electric
The rights and obligations of the Numazu Works (Numazu-shi, Shizuoka Prefecture): Meiden T&D
3. Consideration for Business Succession
Hitachi: Regarding consideration for business succession to Hitachi T&D by way of the absorption-type corporate split outlined in the foregoing 1.(1), Hitachi T&D shall issue 13,174 shares of common stock to AE Power. Furthermore, reflecting that Hitachi T&D is a wholly owned subsidiary of Hitachi, Hitachi shall pay no consideration through new shares, monetary payments and other such means for the absorption-type merger of Hitachi T&D.
Fuji Electric: Regarding consideration for business succession to Fuji Electric T&D Succession by way of the absorption-type corporate split outlined in the foregoing 1.(2), Fuji Electric T&D Succession shall issue 11,183 shares of common stock to AE Power. Furthermore, reflecting that Fuji Electric T&D Succession is a wholly owend subsidiary of Fuji Electric, Fuji Electric shall pay no consideration through new shares, monetary payments and other such means for the absorption-type merger of Fuji Electric T&D Succession.
Meiden: Regarding consideration for business succession to Meiden T&D by way of the absorption-type corporate split outlined in the foregoing 1.(3), Meiden T&D shall issue 91,970 shares of common stock to AE Power.
4. Business Succession Schedule
Execution of Final Agreement on Dissolution of Joint Venture, the absorption-type corporate split agreements and the absorption-type merger agreements* | December 26, 2011 |
Effective date of the corporate splits and absorption-type mergers | April 1, 2012 (planned) |
Note: Hitachi will not seek shareholder approval for the merger of Hitachi T&D because this is a simplified absorption-type merger in accordance with Article 796, Paragraph 3 of the Companies Act of Japan, and Hitachi T&D will not seek shareholder approval because this is a short-form absorption-type merger in accordance with Article 784, Paragraph 1 of the Companies Act of Japan.
Fuji Electric will not also seek shareholder approval for the merger of Fuji Electric T&D Succession because this is a simplified absorption-type merger in accordance with Article 796, Paragraph 3 of the Companies Act of Japan.
5. Companies Profiles
(1) Overview of the Joint Venture Company and the Co-parent Companies (as of September 30, 2011)
Joint Venture Company | Co-parent Companies | |||
Company name | Japan AE Power Systems Corporation | Hitachi, Ltd. | Fuji Electric Co., Ltd. | Meidensha Corporation |
Representative | Junichi Oishi, President and Director | Hiroaki Nakanishi, Representative Executive Officer and President | Michihiro Kitazawa President and Representative Director | Junzo Inamura, President and Representative Director |
Headquarters | 9-1, Shibaura 3-chome, Minato-ku, Tokyo, Japan | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, 100-8280 | 11-2, Osaki 1-Chome, Shinagawa-ku, Tokyo, 141-0032 | 1-1,Osaki 2-chome, Shinagawa-ku, Tokyo, 141-6029 |
Established | July 1st, 2001 | February 1st, 1920 | August 29th, 1923 | June 1st, 1917 |
Business field | Research, development, design, manufacture, engineering, sales, installation and after-sales servicing of products and systems for power transmission and distribution System engineering, sales, installation and after-sales servicing of products and systems for renewable energy | Development, manufacture and sales of products and provision of services across 11 segments: Information & Telecommunication Systems, Power Systems, Social Infrastructure & Industrial Systems, Electronic Systems & Equipment, Construction Machinery, High Functional Materials & Components, Automotive Systems, Components & Devices, Digital Media & Consumer Products, Financial Services, Others | Development, manufacture, sales and services of various equipment and systems related to social infrastructure in the industrial, public, energy and transportation sectors, as well as semiconductor devices, photoconductive drums and peripheral imaging devices | Development, manufacture and sales of products and provision of services of Social Infrastructure Systems (power apparatus for power generation and T&D, water processing system, etc.) and Industrial Systems (products for industrial systems, vehicle testing systems, logistics supports systems and motor drive systems) and Services (product maintenance and facility management) |
No. of employees | (Unconsolidated) 1,364 | (Consolidated) 372,360 (Unconsolidated) 33,545 | (Consolidated) 25,409 (Unconsolidated) 9,487 | (Consolidated) 7,092 (Unconsolidated) 3,666 |
Capital | 20.0 billion yen | 409.1 billion yen | 47.5 billion yen | 17.0 billion yen |
Major shareholders and shareholdings | Hitachi: 50% Fuji Electric: 30% Meiden: 20% | The Master Trust Bank of Japan, Ltd. (Trust Account): 6.86% Japan Trustee Services Bank, Ltd. (Trust Account): 5.82％ State Street Bank and Trust Company 505224: 3.21％ | Fujitsu, Ltd.: 9.96％ Japan Trustee Services Bank, Ltd.: 6.67％ The Master Trust Bank of Japan, Ltd.: 5.47％ | Sumitomo Electric Industries, Ltd.: 5.78％ Sumitomo Mitsui Banking Corporation: 4.92％ NEC Corporation: 3.84％ |
(2) Overview of Subsidiaries of Co-parent Companies taking over the Joint Venture Business
Company name | Hitachi T&D, Ltd. | Fuji Electric T&D Succession Co., Ltd. | Meiden T&D Corporation |
Representative | Yasuhiro Yasaka, Director | Kenzo Sugai, Director | Tetsushi Tanaka, President and Director |
Headquarters | 1-18-13 Sotokanda, Chiyoda-ku, Tokyo | 1-1 Tanabeshinden, Kawasaki-ku, Kawasaki-shi | 2-1-1 Osaki, Shinagawa-ku, Tokyo |
Established | November 28, 2011 | December 14, 2011 | Octorber 25, 2011 |
Business field | Preparation and other relevant activities relating to the acquisition of certain businesses from AE Power by Hitachi in accordance with the Final Agreement | Preparation and other relevant activities relating to the acquisition of certain businesses from AE Power by Fuji Electric in accordance with the Final Agreement | Research, development, design, manufacture, engineering, sales, installation and after-sales servicing of products and systems for power transmission and distribution. |
Capital | ¥1 million | ¥1 million | \90 million |
No. of Shares Issued | One share | One share | 900 shares |
Fiscal Year-end | March 31 | March 31 | March 31 |
Shareholder | Hitachi, Ltd. (Shareholding: 100%) | Fuji Electric Co., Ltd. (Shareholding: 100%) | Meidensha Corporation (Shareholding: 100%) |
III. Outlook
The impact on consolidated business results of each of the Co-parent Companies as a result of the succession is yet to be determined. Each of the Co-parent Companies will disclose the impact in a timely manner if recognizing that the succession significantly affects their consolidated business results.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 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.
About Fuji Electric Co., Ltd.
Fuji Electric develops the business globally with electric power plants and system solutions know-how accumulated by developing social and industrial infrastructures and electric power, and superior expertise in top-level components. The company provides power semiconductors that are indispensable in the reduction of energy consumption in industrial machines, home electronic appliances and automotive electronics, and magnetic discs used in PC disc devices. Furthermore, the Company also provides products closely linked to daily lifestyles, such as vending machines. Moving forward, we will strive to further expand business in the field of “energy and the environment” by fusing and strengthening core technologies. Please refer to the following Web site for further information regarding the Fuji Electric: http://www.fujielectric.com/
About Meidensha Corporation
Founded in 1897, Meidensha Corporation (“Meiden”) is a leading manufacturer in the heavy electric industry in Japan. In support of many people’s life in energy and their mobility, Meiden products are helping the safe and efficient operation of such mission-critical facilities and systems as power plants, semiconductor factories, substations, water and sewage treatment plants, pure electric vehicles, wind and solar power, high rise buildings, traction power and automobile development. The number of employee: 6,994 people. Annual Revenue of Fiscal Year 2010:167 billion yen (ended March 31, 2011). Main works in Japan: Numazu, Ohta, Nagoya and Kofu. Home Page: http://www.meidensha.co.jp/
Press Contacts
Hitachi, Ltd.
Japan
Yuki Maeda
Hitachi, Ltd.
+81-3-5208-9324
Fuji Electric Co., Ltd.
Katsuhisa Uchida
+81-3-5435-7206
uchida-katsuhisa@fujielectric.co.jp
US
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
masayuki.takeuchi@hal.hitachi.com
Meidensha Corporation
Hirofumi Nagao
+81-3-6420-7497
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.
16 September 2010
Tokyo, September 16, 2010 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that the Board of Directors decided on a plan for the interim dividend for fiscal 2010. The interim dividend is scheduled to be finally authorized by the Board of Directors in early November this year.
The Interim Dividend
| Fiscal Year Ending March 31, 2011 | |
|---|---|
| Record Date | September 30, 2010 |
| Amount | 5 yen per share*1 |
| Aggregate Amount | 22,580 million yen*2 |
| Effective Date (planned | November 25, 2010 |
*1 The amount of the interim dividend, which is the same as the amount announced on May 11, 2010, consists of ordinary dividend of 3 yen per share and commemorative dividend of 2 yen per share for Hitachi’s centennial anniversary.
*2 The calculation of the aggregate amount of the interim dividend is based on 4,516,017,327 shares, which deducted 2,137,117 shares of treasury stock from total issued shares of 4,518,154,444 shares as of August 31, 2010.
(Reference) Dividends for the fiscal year ended March 31, 2010
| Interim dividend | Year-end dividend | Annual dividend | |
|---|---|---|---|
| Dividends | 0 yen per share | 0 yen per share | 0 yen per share |
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 investments in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors which Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
- exchange rate fluctuations for the yen and 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 in Japan, 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 Components & Devices and the Digital Media & Consumer Products segments;
- uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technology 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 and synthetic resins and 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 and 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 and other cost reduction measures;
- general socio-economic and political conditions and the regulatory and trade environment of Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports, or 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 in Japan by earthquakes 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 and that of its customers;
- uncertainty as to the accuracy of key assumptions Hitachi uses to valuate 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 Hitachi’s periodic filings with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
Contacts
Japan
Masanao Sato
Hitachi, Ltd.
+81-3-5208-9324
masanao.sato.sz@hitachi.com
U.S.
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
Masayuki.Takeuchi@hal.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.
22 September 2010
Tokyo, 22 September 2010 – Hitachi, Ltd. (NYSE:HIT/TSE:6501, “Hitachi”) announced today that it was selected for the second consecutive year for the Dow Jones Sustainability Index 2010. Hitachi was among the 318 companies included by SAM (Sustainable Asset management), an investment group focused exclusively on Sustainability Investing, and Dow Jones Indexes for the Dow Jones Sustainability Indexes (DJSI) 2010 effective as of 17 September. Featured in both the DJSI World and DJSI Asia Pacific indexes, this is the second consecutive year Hitachi has been selected.
DJSI World covers the top 10% of the biggest 2,500 companies on the Dow Jones Global Total Stock Market Index, while DSJI Asia Pacific tracks the leading 20% in terms of sustainability of the largest 600 companies in the developed Asia Pacific countries. With a strong focus on long-term shareholder value, the companies are assessed on economic, environmental and social criteria to achieve an overall score out of 100.
Selection in the indexes demonstrates that Hitachi is one of the world’s leading companies in the area of sustainable management. Hitachi achieved the highest environmental score in the sector of ITC Electronic Equipment.
The need to run business in a sustainable way has been one of the driving forces for Hitachi since its establishment 100 years ago. Hitachi will continue to improve all areas of its sustainability performance in pursuit of realizing its vision that it ‘will contribute to the solution of fundamental global issues, and pursue the realization of a better, more prosperous global society, in line with Hitachi's founding spirit, utilizing the group's knowledge and technology.’
About Hitachi Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
Contacts
Mickey Takeuchi
Hitachi America, Ltd.
914-333 -2987
masayuki.takeuchi@hal.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.
2 November 2010
Tokyo, November 2, 2010 --- Hitachi, Ltd. (NYSE: HIT / TSE: 6501, “Hitachi”) today announced that the Board of Directors decided to revise the year-end dividend forecast for the fiscal year ending March 31, 2011, as follows. The record date for this dividend is March 31, 2011.
1. Reasons for Revising Year-end Dividend Forecast
The forecast year-end dividend for the fiscal year ending March 31, 2011 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 a year-end dividend forecast. Consequently, Hitachi plans to pay an annual dividend per share of 3 yen per share. Dividend for fiscal year ending March 31, 2011 totals to 8yen per share, which includes an interim dividend of 5 yen per share (including a commemorative dividend of 2 yen per share for Hitachi’s centennial anniversary).
2. Details of Revision
| Annual Dividend (Yen) | |||
| Record date | Interim dividend | Year-end dividend | Annual dividend |
| Previous forecast | 5 yen per share* | － | － |
| Revised forecast | － | 3 yen per share | 8 yen per share |
| Actual | 5 yen per share* | ||
| Dividend for fiscal year ended March 31, 2010 | 0 yen per share | 0 yen per share | 0 yen per share |
*1 The amount of the interim dividend consists of ordinary dividend of 3 yen per share and commemorative dividend of 2 yen per share, and it is payable on November 25, 2010.
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 investments in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors which Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
- exchange rate fluctuations for the yen and 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 in Japan, 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 Components & Devices and the Digital Media & Consumer Products segments;
- uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technology 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 and synthetic resins and 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 and 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 and other cost reduction measures;
- general socio-economic and political conditions and the regulatory and trade environment of Hitachi’s major markets, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports, or 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 in Japan by earthquakes 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 and that of its customers;
- uncertainty as to the accuracy of key assumptions Hitachi uses to valuate 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 Hitachi’s periodic filings with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
Contacts
Japan
Masanao Sato
Hitachi, Ltd.
+81-3-5208-9324
masanao.sato.sz@hitachi.com
U.S.
Mickey Takeuchi
Hitachi America, Ltd.
+1-914-333-2987
masayuki.takeuchi@hal.hitachi.com
E.U.
Keisaku Shibatani
Hitachi Europe Ltd.
+44-1628-585714
keisaku.shibatani@hitachi-eu.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.
2 November 2010
Tokyo, Japan and San Jose, Calif., U.S., November 2, 2010 --- Hitachi, Ltd. (NYSE: HIT / TSE:6501, hereinafter Hitachi) and Hitachi Global Storage Technologies (hereinafter Hitachi GST), its wholly owned subsidiary, today announced that Hitachi GST has commenced preparation to make its initial public offering with a listing on the New York Stock Exchange or National Association of Securities Dealers Automated Quotations (Nasdaq) in cooperation with Hitachi.
Hitachi GST expects to use the proceeds of the initial public offering for, among other things, ongoing operating and capital expenditures, research and development, strategic activities and general corporate purposes. Hitachi and Hitachi GST will monitor economic and capital market conditions relative to the timing of the proposed initial public offering.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. This press release is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
About Hitachi Global Storage Technologies
Hitachi Global Storage Technologies (Hitachi GST) develops advanced hard disk drives, enterprise-class solid state drives and innovative external storage solutions and services used to store, preserve and manage the world’s most valued data. Founded by the pioneers of hard drives, Hitachi GST provides high-value storage for a broad range of market segments, including Enterprise, Desktop, Mobile computing, Consumer Electronics and Personal Storage. Hitachi GST was established in 2003 and maintains its U.S. headquarters in San Jose, California. For more information, please visit the company’s website at http://www.hitachigst.com.
Contacts
Hitachi, Ltd.
Japan
Atsushi Konno
Hitachi, Ltd.
+81-3-5208-9325
atsushi.konno.gs@hitachi.com
Japan
Hajime Kito
Hitachi, Ltd.
+81-3-5208-9325
hajime.kito.qy@hitachi.com
Hitachi Global Storage Technologies
U.S.
Jim Pascoe
Hitachi Global Storage Technologies
+1-408-717-7924
james.pascoe@hitachigst.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.
9 November 2009
WOODBURY, NEW YORK, November 09, 2009 – Hitachi Kokusai Electric America, Ltd., a leading provider of affordable, high performance cameras, today announced that Canada’s Olympic Broadcast Media Consortium, the official Canadian broadcaster of the Vancouver 2010 Olympic and Paralympic Winter Games, will use 39 new Hitachi SK-HD1000 multi-standard, multiformat studio/field cameras outfitted with Canon HD lenses for its coverage of the Games.
”We chose the Hitachi SK-HD1000’s because we were already very familiar with their HD picture quality, reliable performance, and wide array of features. We also considered them to be extremely versatile and well-suited to both our HD studio and field applications,” said Allan Morris, Senior Vice President of Engineering, Operations, and IT at CTV, Canada’s Olympic Network and the lead broadcaster within the Consortium. “Having bought numerous Hitachi cameras over the past 20 years, our positive experience with Hitachi service was also a key factor in our buying decision.”
At the Games, Hitachi will also provide the Consortium with on-site technical support.
The Hitachi HD cameras are being installed on the Consortium’s sets at the International Broadcast Center (IBC) in Vancouver. The rest of the Hitachi SK-HD1000’s will be deployed to various venues focusing on events of particular interest to Canadian viewers, such as hockey, figure skating and curling.
“Following the 2010 Winter Games, we will deploy these Hitachi SK-HD1000 cameras to our various stations to facilitate HD upgrades, add HD news, replace aging cameras, or any other needs they may have,” said Morris. “For us, these cameras represent a long-term capital investment. They will also be used to cover the 2012 Olympic Summer Games in London.”
Canada’s Olympic Broadcast Media Consortium is a partnership between leading media conglomerates CTV Inc. and Rogers Media Inc. and will provide unprecedented coverage and consumer choice in English, French and multi-languages on multiple platforms. The Consortium will deliver 4,500 hours of coverage from the 2010 Winter Games – the most robust media commitment ever by an Olympic rights-holder in this country. Every second of Olympic competition will be available live on one of the Consortium’s platforms.
About Hitachi
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 400,000 employees worldwide. Fiscal 2008 (ended March 31, 2009) consolidated revenues totaled 10,000 billion yen ($102.0 billion). The company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials, logistics and financial services. For more information on Hitachi, please visit the company's website at www.hitachi.com.
Hitachi Kokusai Electric America, Ltd. designs, manufacturers and markets video cameras, digital transmission, processing and recording devices for the broadcast television, cable, video production, and industrial vision markets. For more information, please call (516) 921-7200 or visit Hitachi's web site at http://www.hitachikokusai.us . Hitachi Kokusai Electric, Inc., is a Hitachi, Ltd. (NYSE: HIT) group company.
Full versions of all press releases and product images are posted on the web site in the pressroom section: www.hitachikokusai.us
Editor’s Note: Color product photographs are available upon request.
Hitachi Kokusai Electric America, Ltd., 150 Crossways Park Drive, Woodbury, NY 11797, U.S.A. Tel: (516) 921-7200; Fax: (516) 496-3718; website: www.hitachikokusai.us
Hitachi Kokusai Electric Inc., AKIHABARA UDX Bldg.11F, 4-14-1 Sotokanda, Chiyoda-ku,Tokyo 101-8980, Japan Tel: +81 (0)3-5209-5931; Fax +81 (0)3-5209-6119; website: http://www.hitachi-kokusai.co.jp
Hitachi Kokusai Electric Canada, Ltd., 1 Select Avenue, Unit #12, Scarborough, Ontario Canada M1V 5J3 Tel: 416-299-5900; Fax: 416-299-0450; website: http://www.hitachikokusai.ca
Contacts
Emilio Aleman
Hitachi Kokusai Electric America, Ltd.
516.682.4406
emilio.aleman@hitachikokusai.us
Robin Hoffman
Pipeline Communications
973.746.6970
robinh@pipecomm.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.
10 November 2009
– Capella Will Serve As Stocking Distributor For Hitachi RFoG Solution In Canada –
ATLANTA, Georgia, November 10, 2009 – Hitachi Communication Technologies America, Inc., a leading supplier of Fiber-to-the-Premises solutions, today announced that Capella Telecommunications, Inc., will serve as a stocking distributor for Hitachi’s Node+Zero Radio Frequency over Glass (RFoG) product family in Canada. Capella will support cable television and other communications network operators with Hitachi’s single-fiber RFoG solution, enabling operators to deliver video, data and voice services via optical fiber and realize significant savings in network operations and maintenance costs. Capella serves customers across Canada, with corporate offices in Peterborough, Ontario and branch offices in Montreal and Vancouver.
“Hitachi is pleased to welcome Capella as a channel partner,” said Rick Schiavinato, Hitachi vice president of sales and marketing. “Capella’s reputation as a leading supplier to cable television network operators in Canada will be a tremendous asset as we expand the market for our Node+Zero RFoG solution.”
“Our customers are very interested in the advantages offered by Hitachi’s RFoG solutions,” stated Capella’s President, Norm Slater. “Capella’s technical expertise and focus on superior products has made us a trusted partner to the Canadian cable industry, and we are delighted to now offer solutions from Hitachi, with its well deserved reputation for advanced technology and quality. We look forward to helping our customers deploy fiber optic access, including the operational cost savings and reliability advantages it provides.
ABOUT HITACHI
Hitachi Communication Technologies America, Inc., a subsidiary of Hitachi, Ltd., develops, manufactures and markets equipment for communications service providers in the Americas. The company offers ultra high-speed optical networking equipment for long haul and metro applications, standards-compliant fiber-to-the-premises solutions, including EPON, GPON and RFoG systems, end-subscriber products such as home gateways/routers with open application platform support, and products and technologies for wireless network operators, including RAN/RF amplifier products and packet core solutions. For more information about Hitachi Communication Technologies America, please visit www.hitachi-cta.com.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 400,000 employees worldwide. Fiscal 2008 (ended March 31, 2009) consolidated revenues totaled 10,000 billion yen ($102.0 billion). The company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials, logistics and financial services. For more information on Hitachi, please visit the company's website at www.hitachi.com.
ABOUT CAPELLA TELECOMMUNICATIONS INC.
Capella is a Value Added Reseller providing the telecommunications industry and utilities with support services and products from world-leading manufacturers. Its focus on customer service and tailoring products to meet customers' specific needs has made Capella a leader in the communications industry. Capella stocks a full line of leading edge equipment for fully integrated video, voice and data solutions. Visit Capella at www.capella.ca.
Contacts
Peter Westafer
Hitachi Communication
Technologies America, Inc.
(770) 797-2518/(678) 777-3532 (mobile)
Pete.westafer@hitachi-cta.com
Phil Whetstone
Capella Telecommunications Inc.
(705) 748-3255
pwhetstone@capella.ca
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.
11 December 2009
Tokyo, December 11, 2009 – Hitachi, Ltd. (Hitachi; TSE:6501 / NYSE:HIT) announced the determination of the number of shares to be issued pursuant to the exercise of the option to purchase additional shares of Hitachi’s common stock granted to the international managers in connection with the issuance and sales of new shares pursuant to a decision by Hitachi’s President and Chief Executive Officer on November 16, 2009.
Number of shares to be issued in an offering conducted overseas (provided, however, that sales of shares in the United States and Canada will be limited to qualified institutional buyers) pursuant to the exercise of the option to purchase additional shares of Hitachi common stock granted by Hitachi to the international managers
90,000,000 shares
<Reference>
- Number and Type of New Shares to Be Offered
A total of 1,090,000,000 shares of Hitachi’s common stock, as shown in (1) through (3).- 400,000,000 shares of Hitachi’s common stock to be purchased and underwritten by Japanese underwriters in a public offering conducted in Japan.
- 600,000,000 shares of Hitachi’s common stock to be purchased and underwritten by international managers in an offering conducted overseas.
- An additional 90,000,000 shares of Hitachi’s common stock to be issued pursuant to the exercise of the option to purchase granted by Hitachi to the international managers in an offering conducted overseas.
- Change in the Number of Issued Shares as a Result of the Capital Increase by Way of Offering of New Shares
- Total number of issued shares at present: 3,368,126,056 shares
- Increase in number of issued shares by way of offering of new shares: 1,090,000,000 shares
- Total number of issued shares after the offering of new shares: 4,458,126,056 shares
In addition, a maximum of 60,000,000 shares of Hitachi’s common stock may be issued to a Japanese underwriter as an allottee on December 25, 2009, by way of the third-party allotment in connection with a secondary offering by way of over-allotment.
- Use of Proceeds
Hitachi intends to use the net proceeds from the Japanese offering, international offering, the issuance of new shares by way of third-party allotment and the issuance of 130% Call Option Attached Unsecured Convertible Bond Type Bonds with Stock Acquisition Rights (8th Series) (with inter-bond pari passu clause), estimated to be, in total, no greater than ¥349,292 million, to fund capital expenditures of ¥220.0 billion to strengthen its Social Innovation Business, to make investments of ¥40.0 billion to strengthen its Social Innovation Business and to use the remainder to repay Hitachi’s debt.
Please refer to “Issuance and Sale of New Shares and Issuance of Call Option Attached Unsecured Bonds with Stock Acquisition Rights (Convertible Bonds)” announced on November 16, 2009 for more details of Hitachi’s plan for use of proceeds.
About Hitachi, Ltd.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501) is a leading global technological and industrial company with total revenues of ¥10,000 billion ($102.0 billion) for the year ended March 31, 2009. Hitachi’s business is highly diversified, encompassing operations in the following seven segments: Information & Telecommunication Systems; Electronic Devices; Power & Industrial Systems; Digital Media & Consumer Products; High Functional Materials & Components; Logistics, Services & Others; and Financial Services. For more information on Hitachi, please visit Hitachi's website at http://www.hitachi.com.
Contacts
Japan: Masanao Sato
Hitachi, Ltd.
+81-3-5208-9324
masanao.sato.sz@hitachi.com
U.S.: Dash Hisanaga
Hitachi America, Ltd.
+1-914-333-2987
tadashi.hisanaga@hal.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.