Hitachi, Ltd.(NYSE: HIT) (TSE: 6501), today announced the launch of a maintenance company
in Singapore for power plants. This maintenance company, Asia Plant Maintenance Service
Pte Ltd, is a joint-venture project amongst Hitachi, Ltd., Babcock-Hitachi K.K., Hitachi
Asia Ltd. and Asia Project Engineering Pte Ltd (APECO). APECO deals in the construction
and maintenance work of power plants for more than 30 years in Singapore.
Mr Katsukuni Hisano is the Chief Executive Officer of Hitachi's Power & Industry Systems
Group. He said : "The formation of Asia Plant Maintenance Service Pte Ltd in Singapore
is part of our expansion plans. With Singapore as our base, we hope to introduce our
maintenance business for power plants to the other parts of the world."
Privatization of the Power Industry has been taking place in many parts of the world. In
Singapore, privatization of power utilities has already begun. Also, the electricity pool
market has been already started and electricity utilities will be fully privatized in
April 2001. Hitachi understands that with tougher competition amongst the power producers,
a more reliable, stable and efficient power plant operation is required.
Hence, Hitachi wish to meet the market requirements by providing a comprehensive
maintenance service package. This new maintenance strategy includes preventive maintenance
service, engineering technical support, proposing rehabilitation and improving plant
efficiency, etc. Currently, there is no company who provides such a comprehensive
maintenance service package in Singapore.
Asia Plant Maintenance Service Pte Ltd is thus formed to meet these needs. We believe it
will contribute to the Power Industry in Singapore. Some of its initial services include
providing maintenance service such as engineering work, supplying of equipment and / or
spare parts, maintenance work such as overhauling, etc. Eventually, it seeks to offer a
complete range of comprehensive maintenance service works in the near future. Furthermore,
it aims to offer this maintenance service to the other countries, with Singapore as its
base.
About Hitachi, Ltd.
Hitachi, Ltd. headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 1999 (ended March 31, 2000)
consolidated sales of 8,001 billion yen ($75.5 billion*). The company manufactures and
markets a wide range of products, including computers, semiconductors, consumer
products and power and industrial equipment. For more information on Hitachi, Ltd.,
please visit Hitachi's Web site at http://global.hitachi.com.
About Hitachi Asia Ltd.
Established in 1989, Hitachi Asia Ltd., a wholly owned subsidiary of Hitachi, Ltd.,
oversees the marketing, sales and procurement operations of Hitachi for Asia, excluding
Japan. In addition to its regional headquarters (RHQ) in Singapore, the company has 20
other subsidiaries and offices spread across 10 Asian countries. Hitachi Asia markets a
wide variety of products including power and industrial systems, industrial systems and
components, information systems and electronic components.
Hitachi Asia has more than 800 employees and its sales totalled more than S$5.1 billion
(US$3 billion*) for the fiscal year ending 31 March 2000. For more information about
Hitachi Asia, please visit its website at http://www.hitachi.com.sg.
Outline of the New Company
Name: | Asia Plant Maintenance Management Service Pte Ltd |
Location: | 32 Penjuru Road, Jurong, Singapore |
Managing Director: | Toshiki Sugihara |
Capitalization: | S$500,000 |
Equity ratio: | Hitachi Group: 30% (Hitachi, Ltd. 10%; Babcock-Hitachi K.K. 10%, Hitachi Asia Ltd 10%.), APECO 70% |
Nature of Business: | Maintenance Service for Power Plants (Plant Maintenance Service, Engineering, Procurement, etc.) |
Establishment: | December 2000 |
Outline of APECO
Name: | Asia Projects Engineering Pte Ltd |
Location: | 32 Penjuru Road, Jurong, Singapore |
Managing Director: | Toshiki Sugihara |
Capitalization: | S$1,500,000 |
Equity ratio: | Babcock-Hitachi K.K. 40%, Others 60% |
Nature of Business: | Construction, Installation and Maintenance of Power Plant, Crane and other Industrial Plant |
Establishment: | June 1969 |
*At an exchange rate of 106 yen to the US$
*At an exchange rate of 1.7 S$ to the US$.
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