Sumitomo Heavy Industries, Ltd. completed the acquisition of remaining 34% stake in Sumitomo Heavy Industries Construction Cranes Co., Ltd. from Hitachi Construction Machinery Co., Ltd..
December 30, 2022
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Sumitomo Heavy Industries, Ltd. (TSE:6302) agreed to acquire remaining 34% stake in Sumitomo Heavy Industries Construction Cranes Co., Ltd. from Hitachi Construction Machinery Co., Ltd. (TSE:6305) for ¥7.3 billion on November 29, 2022. As on November 30, 2022, share transfer agreement signed. As a part of transaction, Sumitomo Heavy Industries, Ltd will acquire 27,200 shares of Sumitomo Heavy Industries Construction Cranes. For the year ended March 31, 2022, Sumitomo Heavy Industries Construction reported net assets of approximately ¥19 billion, total assets of approximately ¥29 billion, sales of approximately ¥36 billion, operating profit of ¥912 million and net profit of ¥687 million. The transaction is expected to complete on December 31, 2022.
Sumitomo Heavy Industries, Ltd. (TSE:6302) completed the acquisition of remaining 34% stake in Sumitomo Heavy Industries Construction Cranes Co., Ltd. from Hitachi Construction Machinery Co., Ltd. (TSE:6305) on December 31, 2022.
Hitachi Construction Machinery Co specializes in manufacturing and marketing construction machines. The group offers hydraulic excavators, cranes, wheel loaders, scissor lifts, etc.
Net sales break down by family of products between construction machines (84.4%) and mining machines (15.6%).
Net sales are distributed geographically as follows: Japan (19.9%), China (11.6%), Asia and Oceania (31%), Europe/Middle East/Africa (19.5%) and Americas (18%).
Sumitomo Heavy Industries, Ltd. completed the acquisition of remaining 34% stake in Sumitomo Heavy Industries Construction Cranes Co., Ltd. from Hitachi Construction Machinery Co., Ltd..
HITACHI CONSTRUCTION MACHINERY CO., LTD. 
