Hitachi, Ltd. - Notification of Conclusion of Absorption-type Company Split Agreement Relating to Healthcare Business
January 29, 2024 at 10:32 am EST
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Tokyo - Hitachi, Ltd. (TSE:6501, 'Hitachi') and Hitachi High-Tech Corporation ('Hitachi High-Tech') announced in the news release issued on October 11, 2023 that they have decided to transfer Hitachi's Healthcare Business Division1 to Hitachi High-Tech, a wholly owned subsidiary of Hitachi, through a company split effective April 1, 2024, for the purpose of strengthening the healthcare business in the Hitachi Group (the 'Company Split'). Having concluded the absorption-type company split agreement (the 'Company Split Agreement') today, Hitachi and Hitachi High-Tech announce changes of matters which had already been released and additional matters which had not yet been announced in the news release on October 11, 2023. The matters which have been changed and newly added since the previous news release are underlined.
About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of 'Digital Systems & Services' - supporting our customers' digital transformation; 'Green Energy & Mobility' - contributing to a decarbonized society through energy and railway systems, and 'Connective Industries' - connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through cocreation with our customers. The company's consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide.
Cautionary Statement
Certain statements found in this document may constitute 'forward-looking statements' as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such 'forward-looking statements' reflect management's current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as 'anticipate,' 'believe,' 'expect,' 'estimate,' 'forecast,' 'intend,' 'plan,' 'project' and similar expressions which indicate future events and trends may identify 'forward-looking statements.' Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the 'forward-looking statements' and from historical trends. Certain 'forward-looking statements' are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on 'forward-looking statements,' as such statements speak only as of the date of this report.
Hitachi specializes in manufacturing and marketing of electronic and industrial equipments. Net sales (including intragroup) break down by family of products and services as follows:
- social infrastructure and industrial systems (24.7%): elevators, escalators, industrial facilities, railway systems, power generation units, etc. The group also provides engineering and construction of nuclear, hydroelectric, and thermal power plants services;
- information and telecommunications products and services (20.1%): systems integration, cloud computing, software, servers, hard disks, PCs, ATMs, data communication base stations, payment terminals, etc.;
- materials and components (16.6%): semi-conductor materials, printed circuit cards, cables, copper and forged steel products, magnetic materials, organic and inorganic chemical products, etc.;
- construction equipment (10%) : hydraulic excavators, wheel loaders, mining equipment, etc.;
- automotive systems (9.4%): powertrain systems, control systems, etc.;
- electronic products (9.2%): fiber-optic components, screen tubes, testing and measurement equipment, medical equipment, equipment for manufacturing semiconductors, etc.;
- household appliances (4.7%): heating and air conditioning equipments, refrigerators, washing machines, etc.;
- other (5.3%): mainly transport, financial and logistical services.
Net sales are distributed geographically as follows: Japan (49.2%), Asia (21.3%), North America (12.7%), Europe (10.8%) and other (6%).
HITACHI, LTD. 
