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    6501   JP3788600009

HITACHI, LTD.

(6501)
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Delayed Japan Exchange  -  02:00 2022-09-28 am EDT
6278.00 JPY   -0.95%
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Hitachi : Completes Construction of the H1 TOWER, One of the World's Tallest Elevator Test Towers, at its R&D and Manufacturing Facility

01/17/2020 | 07:31am EDT

Hitachi Completes Construction of the H1 TOWER, One of the World's Tallest Elevator Test Towers, at its R&D and Manufacturing Facility.

Hitachi, Ltd. (TSE: 6501 / 'Hitachi') today announced that Hitachi Elevator (China) Co., Ltd. ('Hitachi Elevator (China)'), a manufacturing, sales and service company for the elevators and escalators of Hitachi, which operates in the People's Republic of China ('China'), has today completed its construction of the H1 TOWER, one of the world's tallest (1) elevator test towers, in its research, development, and manufacturing facility in Guangzhou, China.

The H1 TOWER, whose purpose is researching and developing elevators and demonstrating relevant leading-edge technologies, is a facility that functions as a global base for Hitachi's elevator and escalator business. The building is 288.8 meters in overall height, including a tower of 273.8 meters above ground and a basement that reaches 15 meters below ground, and features one of the world's tallest (1) elevator test towers. The tower, equipped with 15 test shafts, the total length of which exceeds 2.2 kilometers including a shaft over 250 meters long, has the capability to develop and test a variety of technologies and products such as ultra-high-speed elevators, high-capacity elevators, double-deck elevators and operation control system. Hitachi and Hitachi Elevator (China) seek to develop innovative technologies and products by leveraging the research and development conducted at the H1 TOWER.

In April 2010, Hitachi constructed the G1TOWER, the world's tallest elevator research tower (at the time) reaching 213.5 meters above ground in Japan, to respond to growing demand for high-speed, high-capacity elevators in the global elevator and escalator market. In September 2019, an elevator with a speed of 1,260 m/min (2), which was developed and tested at the G1TOWER and delivered to Guangzhou CTF Finance Centre, a skyscraper complex building in Guangzhou, China, received a GUINNESS WORLD RECORDS title as the world's fastest elevator (3). The newly completed H1 TOWER will play an important role in collaboration with the G1TOWER in facilitating Hitachi's global elevator and escalator development strategy, and address a range of market needs in China and globally.

Moving forward, Hitachi will continue to utilize cutting-edge digital technology broadly to develop products and services and globally provide safe, secure and comfortable elevators and escalators as well as services that help resolve customers' various issues in urban spaces to contribute to the realization of a sustainable society.

(1)	According to Hitachi's research in January 2020 (2) 1,260 m/min = 75.6 km/h (47 mi/h) = 21 m/s (3) Official record name: The fastest lift (elevator) About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focusing on Social Innovation Business combining its operational technology, information technology and products. The company's consolidated revenues for fiscal 2018 (ended March 31, 2019) totalled 9,480.6 billion yen ($85.4 billion), and the company has approximately 296,000 employees worldwide. Hitachi delivers digital solutions utilizing Lumada in five sectors including Mobility, Smart Life, Industry, Energy and IT, to increase our customer's social, environmental and economic value. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2023 9 745 B 67 475 M 67 475 M
Net income 2023 632 B 4 376 M 4 376 M
Net Debt 2023 1 559 B 10 796 M 10 796 M
P/E ratio 2023 9,52x
Yield 2023 2,14%
Capitalization 6 001 B 41 551 M 41 551 M
EV / Sales 2023 0,78x
EV / Sales 2024 0,75x
Nbr of Employees 368 247
Free-Float 95,4%
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Keiji Kojima Executive President, CEO & Representative Director
Yoshihiko Kawamura Chief Finance & Risk Management Officer
Toshiaki Higashihara Executive Chairman
Norihiro Suzuki Head-Central Research Institute
Seiichiro Nukui Chief Information Officer & Senior GM-IT Digital
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