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| Accelerating the global expansion strengthening its business base in China and Asia |
TAIPEI, TAIWAN, Oct 15, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE: 6501) today announced that it acquired 9.99% (41,080,000 shares) of all the issued shares in Yungtay Engineering Co., Ltd. (TWSE: 1507), an elevator and escalator company in Taiwan, through paired trade via Hitachi Elevator Taiwan Co., Ltd., a wholly owned subsidiary of Hitachi, to strengthen its elevators and escalators business in People's Republic of China, and Asia. Price of shares acquired is 72.0 TWD (approximately 262 JPY(1)) per share, and approximately 3.0 billion TWD (approximately 10.8 billion JPY(1)) in total.
Hitachi, together with its wholly-owned subsidiaries, owned 41.1% (167,933,671 shares) of all the issued shares excluding treasury shares before the acquisition and increased its share holding up to 51.1% (209,013,671 shares), majority of all the issued shares through the transaction this time.
Yungtay was founded in 1966 and is the largest company in the elevator and escalator business in Taiwan region. It has also operated in Mainland China as one of the major suppliers of elevators and escalators, mainly for residential buildings. Yungtay has been a business partner of Hitachi for over 50 years since right after its foundation, with Hitachi's capital participation in 1968. Hitachi has been continuously acquiring shares of Yungtay after acquiring 28% (114,409,932 shares) of all the issued shares excluding treasury shares through its Public Tender Offer in 2019.(2)
Hitachi will accelerate the global expansion of its business with its measures including this enhancement of partnership with Yungtay, expanding new installation units through product lineup enhancement and cost competitiveness, and improve profitability through increasing maintenance units in China and Asia.
(1) Calculation based on 1 TWD = 3.64 JPY
(2) News release dated April 23, 2019 titled "Results of Public Tender Offer for Shares of Yungtay, Elevator Company Based in Taiwan", https://bit.ly/3lPqQcm
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focused on its Social Innovation Business that combines information technology (IT), operational technology (OT), and products. The company's consolidated revenues for the fiscal year 2019 (ended March 31, 2020) totaled 8,767.2 billion yen ($80.4 billion), and it employed approximately 301,000 people worldwide. Hitachi drives digital innovation across five sectors - Mobility, Smart Life, Industry, Energy, and IT - through Lumada, Hitachi's advanced digital solutions, services, and technologies for turning data into insights to drive digital innovation. Its purpose is to deliver solutions that increase social, environmental and economic value for its customers. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.
Topic: Press release summary
Source: Hitachi, Ltd.
Sectors: Engineering
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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