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.
November 17, 2016
Hitachi establishes 100% owned subsidiary for sales and services in Vietnam
Ho Chi Minh City, 17th November, 2016 --- Hitachi, Ltd. (TSE: 6501, "Hitachi") announced today that the company established Hitachi Elevator Vietnam Co., Ltd ("Hitachi Elevator Vietnam"), a wholly owned subsidiary whose main business is sales and services for elevators and escalators in Vietnam. Hitachi Elevator Vietnam will widely render full-services from sales to maintenances for elevators, escalators and moving sidewalks.
In Vietnam, the demands of urban railway systems, hotels, office buildings and residential buildings have been increasing due to recent rapid growth of urban population. As a result, the demand for elevators and escalators that enable smooth transfer in these buildings is also expected to rise over 7% of annual growth rate.
Hitachi received an order for 32 sets of elevators and 31 sets of escalators in 2015 for elevated station buildings of Urban Railway Line 1 in Ho Chi Minh City, which is the first urban railway system in Vietnam. Following this, the company has begun sales of a new machine-room-less elevator for Asia and the Middle East, which has been gradually released since September 2016. Hitachi, with this model, will enhance its market share of elevators and escalators in Vietnam.
Hitachi, with newly established Hitachi Elevator Vietnam, will provide high quality services to customers in Vietnam. The company expects to make a great contribution to the economic growth of the country by offering safe and comfortable living environments.
| Corporate Name | Hitachi Elevator Vietnam Co., Ltd |
|---|---|
| Representative | Akihito Ando (General Director) |
| Head Office | Ho Chi Minh City, Vietnam |
| Foundation | September, 2016 |
| Outline of Business | Sales, Installation and Maintenance of Elevators, Escalators, Moving Sidewalks and Related Parts |
| Capital | VND 65,526 million (about USD 3 million) (100%-owned subsidiary of Hitachi, Ltd.) |
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges. The company's consolidated revenues for fiscal 2015 (ended March 31, 2016) totaled 10,034.3 billion yen ($88.8 billion). The Hitachi Group is a global leader in the Social Innovation Business, and it has approximately 335,000 employees worldwide. Through collaborative creation, Hitachi is providing solutions to customers in a broad range of sectors, including Power / Energy, Industry / Distribution / Water, Urban Development, and Finance / Government & Public / Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
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