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Hitachi to split off Display Business
 
 
Tokyo, Japan, June 18, 2002 -- Hitachi, Ltd. (TSE: 6501, NYSE: HIT) today announced that the board of directors today decided on the detailed plan to split off the Display Group as a separate company, Hitachi Displays, Ltd., on October 1, 2002 and transfer the display business to the new company, as announced on February 28, 2002.

Hitachi is a leader in the development of Super TFT and other display technologies that offer high picture-quality and a wide viewing angle, and are well-suited for displaying moving picture images. Volume production of flat panel displays is carried out at a highly efficient facility with glass substrates that are among the world's largest. Hitachi plans to build on its leading position in the display business by establishing a new company that will centralize display operations from planning, development and design to manufacturing and sales, facilitating even faster decision-making. For the new company's specialized focus on displays, Hitachi is establishing a stable, high-profit structure, and will focus on expanding its business globally and developing new businesses.

Outline of new company

Company Name : Hitachi Displays, Ltd.
Business : Planning, development, design, manufacturing and sales of display devices
President and Director : Fumiaki Yonai
Capital : 10 billion yen (100% owned by Hitachi, Ltd.)
Split-off Date : October 1, 2002
Head Office : Tokyo, Japan
Major Production Works : Mobara City, Chiba Prefecture
Employees : Approximately 7,000 (consolidated basis) at time of establishment
Sales : Approximately 228 billion yen (consolidated basis) in the fiscal year ending March 31, 2004 (forecast)

Board of Directors and Auditors (Effective October 1, 2002, Current Positions in Parentheses)
President and Director : Fumiaki Yonai (President & Chief Executive Officer , Displays, Hitachi, Ltd.)
Executive Managing Director : Hironari Tanaka (Executive Vice President, Displays, Hitachi, Ltd.)
Executive Managing Director : Hiromi Ohtani (General Manager, Electronic Devices Sales Division, Semiconductor & Integrated Circuits, Hitachi, Ltd.)
Director : Yoshimichi Shibuya (General Manager, International Display Sales Division, Semiconductor & Integrated Circuits, Hitachi, Ltd.)
Director : Yukihiro Sato (Senior Vice President, Manufacturing Operation, Displays, Hitachi, Ltd.)
Director : Kenji Mukaiyama (Senior General Manager, Finance Department, Displays, Hitachi, Ltd.)
Director : Makoto Fujioka (Senior General Manager, Administration Department, Displays, Hitachi, Ltd.)
Director (not standing) : Takashi Kawamura (Executive Vice President and Director, Hitachi, Ltd.)
Corporate Auditor : Kouichi Maruyama (Corporate Chief Engineer, Displays, Hitachi, Ltd.)
Corporate Auditor (not standing) : Katsuto Kashiwahara (General Manager, Investment Planning Office, Hitachi, Ltd.)
Corporate Auditor (not standing) : Kazuo Miura (General Manager, Finance Department II, Hitachi, Ltd.)

Profile of New President
Name : Fumiaki Yonai
Date of Birth : December 13, 1948
Career : April 1971 Joined Hitachi, Ltd.
  February 1995 Senior General Manager, Cathode Ray Tube Manufacturing Department, Electron Tube & Devices Division, Hitachi, Ltd.
May 1997 Senior General Manager, Picture Tube Design Department, Electron Tube & Devices Division, Hitachi, Ltd.
August 1998 Deputy General Manager, Electron Tube & Devices Division, Hitachi, Ltd.
April 1999 Executive Vice President, Displays, Hitachi, Ltd.
April 2001 President & Chief Executive Officer, Displays, Hitachi, Ltd.

About Hitachi
Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 320,000 employees worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales totaled 7,994 billion yen ($60.1 billion). The company offers a wide range of systems, products and services in market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Web site at http://global.hitachi.com.

 

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.


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