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Metal Rolling Mill Joint Venture Company between Mitsubishi
Heavy Industries and Hitachi
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TOKYO, Japan, September 27, 2000 -- Mitsubishi Heavy Industries, Ltd. (MHI)
(TSE:7011) and Hitachi, Ltd. (Hitachi) (NYSE:HIT) today announced that a decision
has been made on the company name and executives of the joint venture company
to be established by the two companies on October 2, 2000, which will handle sales
and related engineering activities of metal rolling mills and its down stream
facilities.
To secure a global leadership of the product sectors concerned, MHI and Hitachi
will join their world-leading technologies in metal rolling mills and advanced
strip processing plants, and provide the new company with reinforced competitive
edges in engineering capabilities and product costs against overseas plant and
equipment suppliers. MHI and Hitachi will focus on rationalizing their technological
development activities by eliminating overlapping research and development efforts
between the two companies and concentrate to their respective advantageous areas.
Thus, MHI and Hitachi will continue to supply, through the new company, those
reliable and high quality plants, equipment and various kinds of services to the
customers in the world.
| OUTLINE OF NEW COMPANY |
| Name of company: |
MHI-HITACHI Metals Machinery, Inc. |
| Location: |
5-31-7, Shiba. Minato-ku, Tokyo |
| Telephone number: |
+81-3-5765-5231 |
| Capitalization: |
80 million yen (MHI: 50%, Hitachi: 50%) |
| Date of establishment: |
October 2, 2000 |
| President: |
Shunichi Miyanaga |
| Number of employees: |
33 (at establishment stage) |
| Main business: |
Sales of hot-rolling mill plants, cold-rolling mill plants, and high-valued-added
machinery for steel strip's processing, and related engineering activities. |
| EXECUTIVES OF NEW COMPANY |
| President: |
| Shunichi Miyanaga |
(currently General Manager of Heavy Machinery Department, Machinery Headquarters,
Mitsubishi Heavy Industries, Ltd.) |
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| Executive Vice President: |
| Yasutsugu Yoshimura |
(currently Senior Chief Engineer of Industrial Plants Division, Power & Industrial
Systems, Hitachi, Ltd.) |
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| Directors: |
| Masatsune Nakabayashi |
(former Acting General Manager of Hiroshima Machinery Works, Mitsubishi Heavy
Industries, Ltd.) |
| Kimiyuki Hanada |
(will concurrently serve as Executive Vice President and General Manager of
Machinery Headquarters, Mitsubishi Heavy Industries, Ltd.) |
| Katsukuni Hisano |
(will concurrently serve as Senior Vice President and Director, President
& Chief Executive Officer of Power & Industrial Systems, Hitachi, Ltd.) |
| Nobuo Sueshige |
(will concurrently serve as General manager of Machinery Administration Department,
Machinery Headquarters, Mitsubishi Heavy Industries, Ltd.) |
| Koushi Nagano |
(will concurrently serve as General Manager of Industrial Plants Division,
Power & Industrial Systems, Hitachi, Ltd.) |
| Toyotsugu Masuda |
(will concurrently serve as Division Manager of Machinery and Plant Systems
Division, Industrial Plants Division, Power & Industrial Systems, Hitachi, Ltd.) |
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| Auditors:
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| Hiroshi Kan |
(will concurrently serve as General Manager of Finance Department, Mitsubishi
Heavy Industries, Ltd.) |
| Yukio Mori |
(will concurrently serve as General Manager, Finance Dept., Power & Industrial
Systems, Hitachi, Ltd.) |
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 Biographies
of President and Executive Vice President attached. |
| ATTACHEMENT |
| Biographies of President and Executive Vice President |
| President:Shunichi Miyanaga |
| Date of birth: |
April 23, 1948 |
| Place of birth: |
Fukuoka prefecture, Japan |
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| March 1972 |
Graduated from faculty of Law, the University of Tokyo |
| April 1972 |
Joined Mitsubishi Heavy Industries, Ltd. |
| May 1983 |
Acting Manager, Machinery Administration Section, Planning and Administration
Department, Hiroshima Shipyard and Engine Works (present Hiroshima Machinery Works),
Mitsubishi Heavy Industries, Ltd. |
| April 1989 |
Group Manager, Heavy Machinery Department, Machinery Headquarters, Mitsubishi
Heavy Industries, Ltd. |
| April 1995 |
Deputy General Manager, Heavy Machinery Department, Machinery Headquarters,
Mitsubishi Heavy Industries, Ltd. |
| October 1999 |
General Manager, Heavy Machinery Department, Machinery Headquarters, Mitsubishi
Heavy Industries, Ltd. |
| October 2000 |
President, MHI-HITACHI Metals Machinery, Inc. (scheduled) |
| Executive Vice President: Yasutsugu Yoshimura |
| Date of birth: |
November 20, 1945 |
Place of birth: |
Kyoto prefecture, Japan |
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March 1971 |
Graduated in Master of Mechanical Engineering , Kyoto University |
April 1971 |
Joined Hitachi, Ltd. |
August 1989 |
Senior Engineer, Heavy Machinery Design Department, Hitachi Works |
August 1990 |
Deputy Chief Engineer, Hitachi Works |
August 1995 |
Department Manager, Heavy Machinery Design Department, Hitachi Works |
August 1997 |
Senior Chief Engineer, Hitachi Works |
December 1999 |
Senior Chief Engineer, Industrial Plants Division, Power & Industrial Systems |
October 2000 |
Executive Vice President, MHI-HITACHI Metals Machinery, Inc. (scheduled) |
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WRITTEN BY Corporate Communications Division
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