Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
May 31, 2010
Singapore, 31 May 2010 - Hitachi, Ltd. (NYSE:HIT/TSE:6501, "Hitachi") announced that Hitachi and Singapore Economic Development Board (EDB) have signed a Memorandum of Understanding (MoU) to promote Hitachi's Social Innovation Business in Asian Belt Zone through a Centre of Excellence (CoE), established in Hitachi Asia Ltd.'s Singapore headquarter on April 1, 2010. The CoE will develop advanced technology and solutions businesses related to the Social Innovation Business, such as smart grids, water treatment, security and urban transportation. Furthermore, Hitachi plans to participate in pilot projects in Singapore and other countries.
The CoE, established with the aim of providing a central base for leveraging the Hitachi Group's collective strengths to address needs in the Social Innovation Business which spans a broad range of fields, reports directly to the president of Hitachi Asia Ltd. The CoE has a staff strength of around 20 employees.
Hitachi is bolstering its global development of Social Innovation Business, which has a strong track record and technological capabilities in advanced social infrastructure supported by sophisticated information and communication technologies. Hitachi is expanding its urban planning and development business, energy-saving solutions business based on smart grids and other businesses in the Asian Belt Zone.
In recent years, EDB has launched the Urban Solutions initiative, which is designed to address issues stemming from urbanization ? such as air pollution, carbon constraints and traffic congestion. As part of this programme, new solutions are created through a co-innovation process between private corporations and Singapore-based lead demand generators in clean energy, water and the environment, built environment, infocomm technology, urban mobility, and security. Successful solutions can then be scaled up for global markets.
Hitachi also has a strategic partnership through a recently signed MoU with Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd. Based on the MoU, Hitachi will explore providing environmental solutions to Tianjin Eco-City, a project to develop an eco-friendly city in Tianjin, China. This project is a cooperative undertaking by the governments of China and Singapore.
EDB is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre and grow the Singapore economy. We dream, design and deliver solutions that create value for investors and companies in Singapore. In so doing, we generate economic opportunities and jobs for the people of Singapore; and help shape Singapore's economic future.
‘Host to Home' articulates how EDB is sharpening its economic development strategies to position Singapore for the future. It is about extending Singapore's value proposition to businesses not just in helping them improve their bottom line, but also in helping them grow their top line. EDB plans to build on existing strengths and add new layers of capablities to enable Singapore to become a ‘Home for Business', a ‘Home for Innovation' and a ‘Home for Talent'.
For more information on how EDB can help your business, please visit www.sedb.com
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.
Hitachi Asia Ltd., a subsidiary of Hitachi, Ltd., established in Singapore in 1989, operates across seven Asian countries (India, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam). Business includes information systems, power and industrial systems, digital media systems, and international procurement. For more information about Hitachi Asia, please visit the website at http://www.hitachi.com.sg
Hitachi began its operation in Singapore in 1963. Hitachi has delivered rolling stocks and signaling systems for the Sentosa Express, and elevators and escalators for Singapore Changi International Airport. Hitachi is expanding its business in the areas of HDDs, electronic components, home appliances and inspection equipment.
