15 March 2012
Tokyo, March 15, 2012 --- Hitachi, Ltd. (NYSE: HIT / 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, 2012 as shown below in view of earnings performance and other factors. The year-end dividend is scheduled to be finally authorized by the Board of Directors in May 2012.
Plan for the Year-End Dividend
Fiscal Year ending March 31, 2012 | |
Record date | March 31, 2012 |
Amount per share | 5 yen per share |
Total amount | 22,587 million yen*1 |
Effective date | May 29, 2012 |
Dividend resource | Retained Earnings |
*1 The calculation of the total amount of the year-end dividend is based on 4,517,580,728 shares, which deducted 2,580,007 shares of treasury stock from total issued shares of 4,520,160,735 shares as of February 29, 2012.
(Reference)
Interim dividend | Year-end dividend | Annual dividend | |
Fiscal year ended March 31, 2011 | 5 yen per share*2 | 3 yen per share | 8 yen per share |
Fiscal year ending March 31, 2012 | 3 yen per share | 5 yen per share | 8 yen per share |
*2 The amount consists of ordinary dividend of 3 yen per share and commemorative dividend of 2 yen per share for Hitachi’s centennial anniversary.
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.
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.
Press Contacts
Hitachi, Ltd. Contacts:
Japan
Masanao Sato
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.
21 March 2012
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 2012
---Hitachi offers total environmental solutions---
BASKING RIDGE, NJ, March 28, 2012 – Hitachi Power Systems America, Ltd., a wholly owned subsidiary of Hitachi America, Ltd., today announced that it has signed a license agreement with Solios Environnement Inc. to design and supply Enhanced All-Dry (EAD) Scrubber technology, jointly developed with Solios Environnement Inc, for the global electric utility market. Financial terms were not disclosed.
The EAD Scrubber technology is the original circulating semi-dry scrubber technology developed by Solios in the 1980s that has been widely applied in industrial sectors. It effectively removes SO2 as well as SO3, HCl, mercury and particulate matter from flue gas. Reactions occur in an entrained-flow, open vertical absorber which is preferred over more complex fluidized bed processes. By separating the reagent humidification and sulfur capture steps, this enhanced system is simple and reliable. Hitachi is applying the EAD Scrubber technology with a modular approach that allows unlimited scrubber capacity, virtually unlimited turndown, and enhanced system layout flexibility. EAD Scrubber technology has the additional advantages of low capital cost, low water consumption and dry byproducts, avoiding costly waste water treatment.
EAD Scrubber technology is expected to play an increasingly important role in multi-pollutant control for coal-fired power plants. The EAD Scrubber technology, together with Hitachi's licensed fabric filter technology, will help utilities meet the new Mercury and Air Toxics (MATS) rule and Cross-State Air Pollution Rule (CSAPR).
Bernard Cloutier, Managing Director of Solios Environnement, Inc. stated, “We are very pleased with this Agreement with Hitachi. The EAD technology has been applied successfully for the last 20 years on various industrial processes, including industrial boilers. This Agreement between Hitachi and Solios will allow further development of the EAD technology and its application in the large power generation market.”
Henry Bartoli, president and CEO of Hitachi Power Systems America, Ltd. stated, “This technology is another great addition to Hitachi’s portfolio of emission control products and services. It allows us to offer complete power generation and pollution control systems with strong R&D to develop, integrate, and optimize performance and efficiency for power generation facilities.”
About Hitachi Power Systems America, Ltd.
Hitachi Power Systems America, Ltd., a wholly owned subsidiary of Hitachi America, Ltd., headquartered in Basking Ridge, New Jersey, is a leading supplier of equipment and services for the power generation market including thermal, nuclear and hydroelectric facilities. Products include advanced pulverized coal boilers, heat recovery steam generators, steam, gas, and hydro turbines and generators, substation equipment, and air quality control systems for new plants and retrofit applications. Hitachi Power Systems America is Hitachi’s Global Center of Excellence for the emissions market including flue gas desulfurization, mercury removal systems, fabric filters, and SCR technology. Services include operation and plant assessment, engineering studies, performance optimization, emissions improvement, equipment replacement and upgrades. For more information, visit us at www.hitachipowersystems.us.
About Hitachi America, Ltd.
Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., headquartered in Tarrytown, New York, 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 information on other Hitachi Group companies in the United States, please visit www.hitachi.us.
About Solios Environnement Inc.
Solios is a worldwide process air pollution control system supplier focused in the aluminum and minerals industries. Solios has extensive experience in control of acid gas and mercury emissions with the proprietary baghouse-based All-Dry and Enhanced All-Dry scrubbing systems. Solios is a subsidiary of Fives Solios (France) with North American headquarters in Montreal since 1982. For more information about Solios, please contact: Lars Hansen, Sales Director, Minerals: lars.hansen@fivesgroup.com.
Contact
Toni Martin
Hitachi Power Systems America, Ltd.
(908) 605-2745
toni.martin@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.
29 March 2012
Sponsorship Complements Hitachi’s Collaboration in Fuel System Design with Chevrolet
HARRODSBURG, KY, March 29, 2012 – Hitachi Automotive Systems America, Inc., a wholly owned subsidiary of Hitachi America, Ltd. today announced that Hitachi Automotive Systems will kick off its sponsorship and join the Team Penske IZOD IndyCar Series program for the 2012 season.
Hitachi Automotive Systems will serve as a primary sponsor on the No. 2 Team Penske Dallara/Chevrolet-powered Indy Car driven by Australian born, Ryan Briscoe this season. Hitachi will be branded at eight IndyCar Series races this season, kicking off this weekend with the first race in Birmingham, Ala., and subsequent races in Long Beach, Calif., Sao Paulo, Brazil, Detroit, Mich., Toronto, Canada, Edmonton, Canada, Qingdao, China and Sonoma, Calif. Hitachi will also serve as an associate sponsor on the No. 2 car during the balance of the IndyCar races this season.
In addition to the sponsorship, Hitachi Automotive Systems will also supply components on the new Chevy Race engine. “Hitachi Automotive has a long standing relationship with General Motors. We have worked closely to collaborate on the fuel system delivery for Chevy’s new racing engine used in the 2012 IndySeries,” said Rob Sharpe, Vice President of Sales for Hitachi Automotive Systems America, Inc. “We are also thrilled to become part of the winning Team Penske IndyCar program, our first sponsorship for the IndyCar racing program,” said Sharpe.
“Through our collaboration with Hitachi we have been able to transfer the technology and experience from production components in Chevrolet vehicles on the road today. We have taken that expertise and incorporated it into the fuel system design of the new Chevy IndyCar V-6 race engine, including the environmental benefits resulting from direct injection and the use of ethanol (E85) fuel. Learnings from the on-track performance of the direct injection fuel system technology may be incorporated into future production applications," said, Chris Berube, Chevrolet IndyCar - Program Manager.
Additionally, Hitachi’s related fuel system components will be displayed in the Chevy Consumer Interactive Technology display at several of the 2012 IndyCar race series events.
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 www.hitachi-automotive.us.
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 car information systems, and providing leadership within Hitachi Automotive Systems’ global operations as the regional headquarters in the Americas For more information, please visit the company's website at http://www.hitachi-automotive.co.jp/en/.
Press Contacts
Rob Sharpe
Hitachi Automotive Systems America, 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.
30 March 2012
Tokyo, March 30, 2012 – Hitachi Ltd. (NYSE:HIT / TSE:6501, Hitachi) and Fuji Heavy Industries, Ltd. (TSE:7270, FHI) have reached a basic agreement on the assignment of FHI’s wind turbine generator system business to Hitachi. Towards the completion of assignment, which is planned for July 1, 2012, Hitachi and FHI will discuss the specific terms of the future agreement.
In recent years, environmental awareness and the rapid increase in the price of materials have been important issues in our society. The value of applying renewable energies including wind energy and solar energy are becoming increasingly apparent. Specifically in the area of wind power generation systems, further introduction and expansion in Japan is widely predicted, especially given Japan’s geography. Japan has many hills and mountains, and wind turbines can be installed even in those areas. It is also anticipated that demand for large wind turbine systems will also increase in offshore markets in the future.
Hitachi and FHI co-developed a 2,000kW level downwind type power generation system in 2003. This prototype machine was installed in Hasaki, Kamisu City, Ibaraki Pref. Japan in December 2005, followed by the delivery of a total of 25 units of wind power generation systems at 6 sites throughout the country. The downwind type turbine is a wind turbine that is installed with its rotor under the lee of the tower. It can effectively catch wind to generate power on hills and at sea. Hitachi designed and manufactured the power generator and the power control component and has also sold and installed the wind power system. FHI designed and manufactured the nacelle, blade, and tower. Hitachi and FHI have developed a strong business relationship through their cooperation and expansion of this business.
After the assignment, Hitachi will consolidate the resources of the two companies to enhance the design and development capability, and integrate the manufacturing and distribution so that it can quickly respond to future market needs. Hitachi will combine its power control technologies as well as the system linkage and stabilization technologies with FHI's downwind type turbine technologies, with the goal of expanding further into the renewable energy market.
FHI will concentrate its management resources to other divisions including the Subaru automotive business.
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 Heavy Industries, Ltd.
FHI, the maker of Subaru automobiles, is a leading manufacturer in Japan with a long history of technological innovations that dates back to its origin as an aircraft company. While the automotive business is a main business pillar, FHI’s Aerospace, Industrial Products and Eco Technologies divisions offer a diverse range of products from general-purpose engines, power generators, and sanitation trucks to small airplanes, crucial components for passenger aircrafts, and wind-powered electricity generating systems. Recognized internationally for its AWD (all-wheel drive) technology and Horizontally-Opposed engines in Subaru, FHI is also spearheading the development of environmentally friendly products and is committed to contributing to global environmental preservation.
Press Contacts
Hitachi, Ltd.
Akinobu Hosoda
+81-3-3258-6457
Fuji Heavy Industries, Ltd.
Masashi Uemura
+81-3-3347-2661
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.
30 March 2012
Tokyo, March 30, 2012 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that it has decided to apply for voluntary delisting of its shares (including American Depositary Shares, or ADSs) from the New York Stock Exchange, or the NYSE, and the Fukuoka and Sapporo stock exchanges in Japan as follows.
1. Stock exchanges from which Hitachi will delist
Overseas: NYSE
Domestic: Fukuoka and Sapporo
In connection with the delisting from the NYSE, Hitachi intends to file for termination of registration of its ADSs and its reporting obligations under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder.
Hitachi intends to maintain its American Depositary Receipt program in the United States, and therefore anticipates that its ADSs will continue to be traded on the U.S. over-the-counter market. Hitachi’s shares of common stock will continue to be listed on the Tokyo, Osaka and Nagoya stock exchanges in Japan.
2. Reason for delisting
Hitachi listed its ADSs on the NYSE in April 1982 to diversify its means of capital raising, to promote trading of its shares in the United States and to raise the visibility of the Hitachi brand. Since then, Hitachi has complied with the disclosure requirements of U.S. securities laws and regulations and made efforts to enhance voluntary disclosures to assist U.S. shareholders and investors deepen their understanding of Hitachi. Meanwhile, the securities markets have significantly changed. The changes include (i) a substantial increase in trading in the Japanese stock markets by overseas investors due to internationalization of the Japanese securities markets and (ii) a substantial reduction in the gaps between U.S. and Japanese disclosure requirements and internal control over financial reporting due to a series of amendments to Japanese securities laws and regulations.
Against this backdrop, Hitachi believes that the costs and expenses associated with the continued listing on the NYSE are not economically justified, taking into account the fact that the trading volume of Hitachi’s ADSs on the NYSE accounts for only a small fraction of the total trading volume of Hitachi’s shares. Therefore, Hitachi decided to apply for voluntary delisting of its ADSs from the NYSE and for deregistration of its ADSs under the Exchange Act to eliminate the associated costs and expenses and thereby promote profitability.
Hitachi concurrently decided to apply for voluntary delisting of its shares of common stock from the Fukuoka and Sapporo stock exchanges in Japan, taking into account the fact that the trading volume of Hitachi’s shares on these exchanges is remarkably low.
3. Schedule
Hitachi plans to file its application with the NYSE in mid-April 2012 and expects to complete, in principle, the delisting ten days after its filing of the application. Concurrently with the delisting, Hitachi also plans to file for termination of registration of its ADSs and its reporting obligations under the Exchange Act.
Hitachi plans to file its applications with the Fukuoka and Sapporo stock exchanges immediately. After acceptance of the application by the stock exchanges, the delisting is expected to take effect, in principle, about one month after the date Hitachi’s shares are designated as securities to be delisted.
4. Continuous efforts to maintain and enhance disclosure for investors
Hitachi will continue to disclose financial statements, annual reports and other material documents in English on its website and hold various meetings to brief shareholders and investors in Japan and overseas on its business strategies to ensure that such shareholders and investors will continue to have appropriate information about Hitachi, irrespective of the delisting from the NYSE. Hitachi will also continue to prepare its consolidated financial statements in accordance with generally accepted accounting principles in the United States.
5. Contact information for inquiries regarding Hitachi’s ADSs
Citibank Shareholder Services
Tel: U.S.A 1-877-248-4237 (toll free)
International +1-781-575-4555
E-mail: citibank@shareholders-online.com
Shareholder Service Representatives are available Monday through Friday, from 8:30 a.m. to 6:00 p.m. Eastern Time in the United States.
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.
Press Contacts
Japan
Masanao Sato
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.
5 April 2012
Tokyo, April 5, 2012 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced the delisting schedule from the New York Stock Exchange, or the NYSE, notifying to the NYSE on April 5, 2012 (Eastern Standard Time in the U.S.) applying for voluntary delisting of its American Depositary Shares, or ADSs, in connection with its announcement on March 30, 2012 relating to its intention of delisting from the NYSE.
1. Delisting schedule (Eastern Standard Time in the U.S.)
April 5, 2012 (Thu.) Notice to the NYSE applying for voluntary delisting
April 16, 2012 (Mon.) Submission of a Form 25 for delisting from the NYSE
April 27, 2012 (Fri.) Effective date of delisting from the NYSE
Concurrently with the delisting, Hitachi plans to submit a Form 15F to the U.S. Securities and Exchange Commission for termination of registration of its ADSs and its reporting obligations under the Securities and Exchange Act of 1934, as amended, and the rules promulgated thereunder.
2. Maintaining a sponsored ADR program
Hitachi intends to maintain its American Depositary Receipt program in the United States, and therefore anticipates that its ADSs will continue to be traded on the U.S. over-the-counter market.
3. Stock Exchanges on which Hitachi will maintain its listing
Tokyo, Osaka and Nagoya
(Hitachi plans to delist its shares from Fukuoka and Sapporo.)
4. Contact information for inquiries regarding Hitachi’s ADSs
Citibank Shareholder Services
Tel: U.S.A. 1-877-248-4237 (toll free)
International +1-781-575-4555
E-mail: citibank@shareholders-online.com
Shareholder Service Representatives are available Monday through Friday, from 8:30 a.m. to 6:00 p.m. (Eastern Standard Time in the U.S.).
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.
Press Contacts
Japan
Masanao Sato
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.
24 April 2012
Tokyo, April 24, 2012 --- Hitachi, Ltd. (NYSE:HIT / 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 2012.
Hitachi has worked actively over the years to strengthen its corporate governance. For instance, it 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. In selecting directorship candidates for this year, Hitachi has decided to increase the number of outside directors, including non-Japanese, to make outside directors the majority on the Board of Directors. Hitachi has made this move in order to better reflect various global viewpoints in management to drive further growth on a global basis, centered on the Social Innovation Business, as well as to further strengthen management oversight.
Specifically, Hitachi is proposing to increase the number of outside directors from four to seven, by nominating three people, including two non-Japanese, as outside director candidates. Furthermore, the number of directors appointed from within Hitachi will be reduced from eight to six, and the number of directors serving concurrently as executive officers will be reduced from two to one. With these changes in the Board composition, Hitachi aims to promote management with an enhanced global outlook and to ensure rigorous demarcation of management supervision and execution, thereby reinforcing a framework for even quicker business operation and improved management oversight.
1. Director Candidates <Proposed at Hitachi’s Ordinary General Meeting of Shareholders in June 2012> [* New]
<Chairman of the Board>
Takashi Kawamura, currently Chairman of the Board
<Outside Director>
Yoshie Ota, currently Outside Director
Mitsuo Ohashi, currently Outside Director, Advisor of Showa Denko K.K.
Nobuo Katsumata, currently Outside Director, Chairman of the Board of Marubeni Corporation
*George Buckley, currently Executive Chairman of the Board of 3M Company (USA)
*Harufumi Mochizuki, currently Senior Adviser to the Board of Nippon Life Insurance Company
Tohru Motobayashi, currently Outside Director, Attorney at law
*Philip Yeo, currently Chairman of SPRING (Standards, Productivity and Innovation Board) Singapore
<Director>
*Michijiro Kikawa, currently Director of Hitachi Construction Machinery Co., Ltd.
Stephen Gomersall, currently Director, Chairman of the Board of Hitachi Europe Ltd.
Hiroaki Nakanishi, currently Director, Representative Executive Officer and President
Takashi Hatchoji, currently Director, Chairman of the Board of Hitachi America, Ltd.
Takashi Miyoshi, currently Director
Note: Directors are listed in Japanese alphabetical order within each grouping.
2. Resigning Directors
Isao Ono, currently Director, Chairman Emeritus of Hitachi Solutions, Ltd.
Tadamichi Sakiyama, currently Director
Masaharu Sumikawa, currently Director, Chairman of the Board of Hitachi Plant Technologies, Ltd.
3. Biography of New Director Candidates
George Buckley
1. Date of Birth | : | February 23, 1947 | |
2. Education | |||
July 1976 | : | Graduated from University of Huddersfield, Ph.D. in Engineering (after joint study at Universities of Southampton and Huddersfield) | |
April 1972 | Graduated from University of Huddersfield, Bachelor of Science in Electrical and Electronic Engineering | ||
3. Professional Experience | |||
February, 2012 | : | Executive Chairman of the Board, 3M Company (USA) | |
December, 2005 | : | Chairman of the Board, President and Chief Executive Officer, 3M Company (USA) | |
June, 2000 | : | Chairman and Chief Executive Officer, Brunswick Corporation (USA) | |
April, 2000 | : | President and Chief Operating Officer, Brunswick Corporation (USA) | |
July, 1997 | : | President, Mercury Marine Division and Corporate Vice President, Brunswick Corporation (USA) | |
September, 1994 | : | President , US Electrical Motors, Emerson Electric Company (USA) | |
February, 1993 | : | Chief Technology Officer, Motors, Drives and Appliances, Emerson Electric Company (USA) | |
September, 1989 | : | Managing Director, Central Services Division, British Railways Board (UK) | |
October, 1987 | : | Director of Research, British Railways Board (UK) | |
July, 1986 | : | General Manager, Generator Division, GEC Turbine Generators Ltd. (UK) | |
April, 1979 | : | Joined Detroit Edison Company (USA), Senior Engineer |
Harufumi Mochizuki
1. Date of Birth | : | July 26, 1949 | |
2. Education | |||
March, 1973 | : | Graduated from the Faculty of Law, Kyoto University | |
3. Professional Experience | |||
October, 2010 | : | Senior Adviser to the Board, Nippon Life Insurance Company | |
August, 2010 | : | Special Adviser to the Cabinet of Japan (Retired in September, 2011) | |
July, 2008 | : | Vice-Minister of Economy, Trade and Industry of Japan | |
July, 2006 | : | Director-General, Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry (“METI”) of Japan | |
July, 2003 | : | Director-General, Small and Medium Enterprise Agency, METI | |
July, 2002 | : | Director-General for Commerce and Distribution Policy, Minister’s Secretariat, METI | |
April, 1973 | : | Joined Ministry of International Trade and Industry of Japan |
Philip Yeo
1. Date of Birth | : | October 29, 1946 | |
2. Education | |||
June, 1976 | : | Graduated from Harvard Business School, Master of Business Administration | |
August, 1974 | : | Graduated from National University of Singapore, Master of Science in Systems Engineering | |
June, 1970 | : | Graduated from University of Toronto, Bachelor of Applied Science in Industrial Engineering | |
3. Professional Experience | |||
September, 2011 | : | Chairman, Singbridge International Pte Ltd* * A wholly owned subsidiary of Temasek Holdings (Private) Limited of the Ministry of Finance, Singapore | |
April, 2007 | : | Chairman, SPRING (Standards, Productivity and Innovation Board) Singapore (Current) Special Advisor in Economic Development, Prime Minister’s Office, Government of Singapore (Retired August, 2011) Senior Advisor for Science and Technology to the Ministry of Trade & Industry, Singapore (Retired in September, 2008) | |
February, 2001 | : | Chairman, Agency for Science, Technology and Research of Singapore | |
January, 1986 | : | Chairman, Economic Development Board of Singapore | |
June, 1970 | : | Joined Ministry of Defense of Singapore |
Michijiro Kikawa
1. Date of Birth | : | August 2, 1947 | |
2. Education | |||
March, 1970 | : | Graduated from the Faculty of Engineering, Kyushu University | |
3. Professional Experience | |||
April, 2012 | : | Director, Hitachi Construction Machinery Co., Ltd. ("HCM") | |
April, 2006 | : | President, Chief Executive Officer and Director, HCM | |
June, 2005 | : | Executive Vice President, Representative Executive Officer and Director, HCM | |
April, 2005 | : | Executive Vice President and Representative Executive Officer, HCM | |
June, 2003 | : | Senior Vice President and Executive Officer, HCM | |
April, 2003 | : | Senior Vice President, HCM | |
June, 2002 | : | Vice President, HCM | |
June, 2001 | : | Executive Officer, HCM | |
May, 1995 | : | Managing Director for Hitachi Construction Machinery (China) Co., Ltd. | |
February, 1992 | : | General Manager of the Production Engineering Department for Tsuchiura Works, HCM | |
October, 1970 | : | Joined HCM | |
April, 1970 | : | Joined Hitachi Construction Machinery Co., Ltd. (manufacturing company) |
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.
Press Contacts
Japan
Atsushi Konno
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.
27 April 2012
Tokyo, April 27, 2012 --- Hitachi, Ltd. (TSE:6501) today announced that the delisting of its American Depositary Shares, or ADSs, from the New York Stock Exchange, or the NYSE, became effective prior to the opening of trading on April 27, 2012 (Eastern Standard Time in the U.S.), following the submission on April 16, 2012 of a Form 25 for delisting from the NYSE as announced on April 5, 2012.
1. Effective date of delisting
April 27, 2012 (Fri.) (Eastern Standard Time in the U.S.)
Hitachi continues to maintain its American Depositary Receipt program in the United States. Its ADSs can be traded on the U.S. over-the-counter market from the opening of trading on April 27, 2012 (Eastern Standard Time in the U.S.).
2. Deregistration of ADSs
Concurrently with the delisting from the NYSE, on April 27, 2012, Hitachi submitted a Form 15F to the U.S. Securities and Exchange Commission, or the SEC to terminate Hitachi’s registration and reporting obligations under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the rules promulgated thereunder. Hitachi anticipates that its registration and reporting obligations under the Exchange Act will terminate on July 26, 2012, 90 days after the submission of Form 15F.
3. Continuous efforts to maintain and enhance disclosure for investors
Hitachi will continue to disclose financial statements, annual reports and other material documents in English on its website and hold various meetings to brief shareholders and investors in Japan and overseas on its business strategies to ensure that such shareholders and investors will continue to have appropriate information about Hitachi, irrespective of the delisting from the NYSE. Hitachi will also continue to prepare its consolidated financial statements in accordance with generally accepted accounting principles in the United States.
4. Contact information for inquiries regarding Hitachi’s ADSs
Citibank Shareholder Services
Tel:
U.S.A. 1-877-248-4237 (toll free)
International +1-781-575-4555
E-mail: citibank@shareholders-online.com
Shareholder Service Representatives are available Monday through Friday, from 8:30 a.m. to 6:00 p.m. (Eastern Standard Time in the U.S.).
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.
Press Contacts
Japan
Atsushi Konno
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.
13 September 2012
Tokyo, September 13, 2012 --- Hitachi, Ltd. (TSE:6501) today announced that the Board of Directors decided on a plan for the interim dividend for the fiscal year ending March 31, 2013. The record date for the interim dividend is September 30, 2012. The interim dividend is scheduled to be finally authorized by the Board of Directors in October this year.
1. Reasons
The forecast of interim 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 interim dividend forecast. Consequently, Hitachi plans to pay an interim dividend of 5 yen per share. The forecast of year-end dividend for the fiscal year ending March 31, 2013 has not been decided.
2. Details
3. Effective Date of Interim Dividend (Plan)
November 27, 2012
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, auto motive, 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 totalled 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
atsushi.konno.gs@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.