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.
April 12, 2011
Tokyo, April 12, 2011 - - - - - Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that it has established the "Fukushima Nuclear Power Stations Project Division"(Tentative name), effective today, to reinforce its support structure for the Fukushima Nuclear Power Stations of The Tokyo Electric Power Company, Inc. (TEPCO). With the new system, which will be directly supervised by the President, Hitachi is determined to reinforce the support structure for the Japanese government and TEPCO. Akira Maru, Senior Officer for Nuclear Power Plant Business, will serve as General Manager of the new division.
In addition that Hitachi has dispatched engineers to the joint teams formed in collaboration with the Japanese government and TEPCO with the 24-hour Emergency Response Center for Nuclear Power that Hitachi established on March 11, 2011, immediately after the earthquake struck, a work team comprising about 370 engineers and other workers has been formed, and about 350 employees have been dispatched to the site, where they are concentrating every possible effort into recovering electricity within the power station, assisting in cooling the nuclear reactor pressure vessels and pools for spent fuels, draining the water from the turbine buildings and trenches, offering new and additional installations of power-generating equipment, and installing a nitrogen-injection system for the containment vessels and a contaminated water treatment system.
Hitachi also collaborates with General Electric Company (GE), a partner of nuclear power business. More than 1,000 staff members, mainly from Hitachi-GE Nuclear Energy, Ltd. ("Hitachi-GE"), and GE-Hitachi Nuclear Energy Holdings LLC ("GE-Hitachi"), are providing support and assistance where it is needed.
With the newly established "Fukushima Nuclear Power Stations Project Division"(Tentative name) as Hitachi's central organ of support efforts, Hitachi launched a new joint Japanese and U.S. expert team that consists of resources from Hitachi, Hitachi-GE, GE-Hitachi, Hitachi Power Systems America("HPSA"), some major U.S. electric utility and engineering company. Hitachi-GE and GE-Hitachi are operating the nuclear power business under the partnership between Hitachi and GE. HPSA is controlling the power business of Hitachi Group in the United States.
The major U.S. electric utility and engineering company, which have become our new partners, have ample experience in restoration measures from the nuclear emergency that occurred at the Three Mile Island nuclear power plant in the United States and the accident that occurred at the nuclear power station in Chernobyl, Ukraine. Harnessing the considerable experience of these partners' professional teams, Hitachi will strengthen the continued short-term countermeasures to cool down the nuclear reactors, prevent the contamination from expanding and restore the functions of the pools for spent fuels, etc. Hitachi will also formulate a wide range of medium- to long-term disaster countermeasure plans and put them into practice in cooperation with these partners and propose the best plans to the Japanese government and TEPCO. Such medium- to long-term plans are about the handling of nuclear fuel, removing contamination from nuclear plants, treating and disposing of waste, maintaining the plants in the medium term and proceeding with final decommissioning.
As a crucial part of the joint Japanese and U.S. expert team, Hitachi continues to fully cooperate with the Japanese government and TEPCO in effort to improve the situation at the Fukushima Nuclear Power Stations.
Hitachi and GE established joint venture companies in 2007 to construct, maintain, and provide related services for nuclear power plants and are proactively pursuing international business activities. The Japan-based joint venture, Hitachi-GE Nuclear Energy is roughly 80% owned by Hitachi and 20% owned by GE, and the United States-based joint venture, GE-Hitachi Nuclear Energy is 60% owned by GE and 40% owned by Hitachi.
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 & 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.
