Hitachi announces the conclusion of company split agreement
FYI, this story is more than a year old
Hitachi, announced on October 25, 2018, that Hitachi Industrial Products, a newly established company, will succeed to the Industrial Products Business Unit that operates the business of large-sized industrial equipment through an absorption-type split to strengthen the product business.
Having concluded the absorption-type company split agreement, Hitachi has announced matters as follows, some of which had not yet been decided in the news release on October 25, 2018.
The matters which have been decided in the Company Split Agreement and changes since the previous news release are underlined.
Hitachi Industrial Products, which will succeed to Hitachi's businesses of large-sized industrial equipment, will conduct businesses from development and manufacture to sales and maintenance services of high-pressure motors, inverters, pumps and compressors.
The capital of Hitachi Industrial Products will be 10 billion yen and the consolidated revenue scale will be approximately 150 billion yen.
Keizo Kobayashi, who is currently CEO of Industrial Products Business Unit of Hitachi will lead Hitachi Industrial Products as President.
Hitachi Industrial Products will seek to achieve a flexible business operation as independent operating companies and strengthen manufacturing with nine consolidated affiliates and approximately 4,600 employees.
Hitachi states that the company split will have no impact on the consolidated operating results.