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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Hitachi, Ltd.    6501   JP3788600009

HITACHI, LTD.

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Hitachi : ABB Power Grids commences operations - Press Release issued by Hitachi ABB Power Grids Limited

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07/03/2020 | 08:10am EDT

July 02, 2020 (PPI-OT)

Following is the text of press release issued by Hitachi ABB Power Grids Limited

Quote

In accordance with the agreement signed on December 17, 2018, Hitachi Ltd. and ABB Ltd today announced the completion of all required procedures as planned, and the formation of Hitachi ABB Power Grids Ltd. Hitachi has an 80.1 percent stake in this new joint venture entity (which has business volume of approximately 10 billion USD2) and ABB holds the balance.

Toshikazu Nishino, Executive Vice President of Hitachi, is the Chairman of the new entity and Claudio Facchin the CEO. The new entity is headquartered in Zurich, Switzerland, and the current management team will ensure business continuity.

"Hitachi's leading digital technologies merged with world-class power grid solutions will help us to play an active role in the global transformation and decarbonization of energy systems for a sustainable energy future. Intelligent solutions for a more dynamic grid will also contribute to the UN's Sustainable Development Goal 7 of 'affordable, reliable and clean energy'," said Toshikazu Nishino.

The joint venture brings together two highly respected companies to create a new global power leader. The alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centers, besides providing financial muscle to support ambitious projects and enabling access to Japan, the third largest economy in the world.

"Synergies and access to new and growing markets provided by Hitachi will help take Power Grids to the next stage of its development, further strengthening its leading position," said TimoIhamuotila, CFO of ABB and Director of the Board of Hitachi ABB Power Grids. "Hitachi brings long-term commitment to the new entity and strengthens the existing business partnership between our companies," he added.

"Combining our respective technology strengths will bring us new market opportunities and enable us to deliver greater customer value," said Claudio Facchin, CEO, Hitachi ABB Power Grids. "We remain committed to powering good for a sustainable energy future, with pioneering and digital technologies, as the partner of choice for enabling a stronger, smarter and greener grid."

For more information, contact:Media Relations,Hitachi ABB Power Grids LimitedPhone: +41-786432613Email: rebecca.bleasdale@hitachi-powergrids.comWebsite: https://www.hitachiabb-powergrids.com/

Unquote

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.71% 24.2 Delayed Quote.3.55%
HITACHI, LTD. 1.54% 3563 End-of-day quote.-22.98%
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Financials
Sales 2021 8 114 B 76 065 M 76 065 M
Net income 2021 400 B 3 751 M 3 751 M
Net Debt 2021 722 B 6 770 M 6 770 M
P/E ratio 2021 8,58x
Yield 2021 2,65%
Capitalization 3 445 B 32 216 M 32 295 M
EV / Sales 2021 0,51x
EV / Sales 2022 0,43x
Nbr of Employees 301 056
Free-Float 95,8%
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Mean consensus BUY
Number of Analysts 12
Average target price 4 785,00 JPY
Last Close Price 3 563,00 JPY
Spread / Highest target 62,8%
Spread / Average Target 34,3%
Spread / Lowest Target -1,77%
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Managers
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Hiroaki Nakanishi Chairman
Mitsuaki Nishiyama Chief Financial Officer & Senior GM-Finance
Norihiro Suzuki CTO, Managing Executive Officer, Manager-R&D Group
George William Buckley Independent Outside Director
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