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.
September 7, 2009
Tokyo, September 7, 2009 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that it has agreed in principle to transfer the land and buildings belonging to Hitachi Plasma Display Limited's Miyazaki Works, which manufactures TV plasma display panels, to Showa Shell Solar K.K.
Hitachi is pushing through business structural reforms to improve earnings, including ending the development and production of plasma display panels and procuring panels from Panasonic Corporation to strengthen the competitiveness of its flat-panel TV operations. As part of this, Hitachi has continued to look at various ways of effectively utilizing Hitachi Plasma Display's Miyazaki Works.
Since April this year, Hitachi has held discussions with Showa Shell Sekiyu K.K. regarding the effective utilization of land, buildings and human resources of Hitachi Plasma Display's Miyazaki Works. It has now been decided that the land and buildings of these works will be transferred to Showa Shell Solar, a subsidiary of Showa Shell Sekiyu. Hitachi and Showa Shell Solar will continue discussions on how to effectively utilize the workforce of Hitachi Plasma Display's Miyazaki Works.
Showa Shell Solar has developed world-leading proprietary manufacturing technology for CIS solar powered cells and is considering establishing a large-scale plant to become operational in 2011. The company decided to acquire the land and buildings of Hitachi Plasma Display's Miyazaki Works given the technological affinity of the two companies, the proximity of the land and buildings to an existing plant, and other factors.
Hitachi intends to build a cordial business relationship with Showa Shell Solar and look at possibility of cooperation of both companies.
| 1. Asset to be transferred: | Land and buildings of Hitachi Plasma Display's Miyazaki Works |
|---|---|
| 2. Location: | 1815-1,Tajiri, Kunitomi-cho, Higashimorokata-gun, Miyazaki Prefecture |
| 1. Name: | Hitachi Plasma Display Limited |
|---|---|
| 2. Representative: | Ikuo Yuki, President and Representative Director |
| 3. Established: | April 28, 1999 |
| 4. Capital: | 45.2 million yen |
| 5. Shareholder: | Hitachi, Ltd. (100%) |
| 6.Headquarters: | 1815-1,Tajiri, Kunitomi-cho, Higashimorokata-gun, Miyazaki Prefecture |
| 7. Businesses: | Design, manufacture, sale, maintenance and services for plasma display panels |
| 1. Company: | Showa Shell Solar K.K. |
|---|---|
| 2. Representative: | Shigeaki Kameda, President and Representative Director |
| 3. Established: | September 1, 2006 |
| 4. Capital: | 2,620 million yen |
| 5. Shareholder: | Showa Shell Sekiyu K.K. (100%) |
| 6. Headquarters: | 2-3-2 Daiba, Minato-ku, Tokyo |
| 7. Businesses: | Manufacture, sales, import and export of solar powered cells |
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 400,000 employees worldwide. Fiscal 2008 (ended March 31, 2009) consolidated revenues totaled 10,000 billion yen ($102.0 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, logistics and financial services. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
