Hitachi Ltd. said Thursday it is aiming to expand its energy-related business in overseas markets, after completing the previous day its acquisition of the power grid business of Swiss engineering group ABB Ltd.
"We would like to offer advanced energy solutions to the world and lead innovations with our digital technologies," CEO Toshiaki Higashihara said in an online press conference.
The Japanese information and infrastructure giant bought an 80.1 percent stake in ABB's power grid business for around 740 billion yen ($6.9 billion) in Hitachi's largest-ever corporate acquisition and set up Hitachi ABB Power Girds Ltd. in Zurich, Switzerland.
Hitachi plans to obtain the remaining stake in the new company, making it wholly-owned in 2023 or later.
"We have obtained a great asset to make Hitachi fly high as a significant global company," Higashihara said.
Hitachi and ABB had reached the deal in 2018.
Through the acquisition, the Hitachi group newly employs about 36,000, focusing on enhancing its businesses in Europe, South America and the Middle East.
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