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.
March 2, 2011
- - Hitachi announces preferred site for manufacturing plant - -
TOKYO, Japan, March. 1, 2011 - Hitachi,Ltd.(TSE:6501, NYSE:HIT) today announced that that it will proceed with the Intercity Express Programme (IEP) with Department for Transport. Hitachi and Agility Trains Ltd., which is a consortium comprising Hitachi Rail Europe Ltd, (a wholly owned subsidiary of Hitachi Europe Ltd,) and John Laing Projects and Development Limited, are now looking forward to finalising the commercial details and engaging with its lending banks to reach financial close on the project by the end of this year.
Since the Preferred Bidder announcement on 12 February 2009, Agility Trains has worked very hard to improve value for money in response to the UK’s public financial position and has passed on 100% of all value for money benefits to the UK Government. In addition Agility Trains is delighted that the programme has passed a rigorous value for money assessment and the company looks forward to completing this innovative, competitive and complex procurement to provide new Intercity trains on a fully maintained and serviced basis to both the Great Western and East Coast Mainline routes.
In addition, Hitachi is pleased to announce that Newton Aycliffe in Co. Durham is the preferred site for its planned European rolling stock manufacturing and assembly centre (subject to finalising commercial agreements). The company looks forward to working with the Department for Business, Innovation and Skills, local authorities and a new workforce to create a world-class manufacturing facility.
Hiroaki Nakanishi, President of Hitachi, Ltd. commented as below. "We highly appreciate the decision of the UK Government and the support from the Japanese government and any parties who support us. We now look forward to finalising the commercial details with Department for Transport to reach conclusion of the contract on the project in a timely manner."
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.
