Hitachi to Repurchase its Own Shares
Tokyo, February 4, 2014 – Hitachi, Ltd. (TSE: 6501; “Hitachi”) today announced that it determined, at the meeting of the Board of Directors held today, to repurchase its own shares, pursuant to its Articles of Incorporation in accordance with Article 459, paragraph 1 of the Companies Act of Japan.
1. Purpose of Repurchase
As announced in Hitachi’s news release “Hitachi and Hitachi Medical Announce Share Exchange as Method of Making Hitachi Medical a Wholly-Owned Subsidiary of Hitachi” on January 30, 2014, Hitachi has decided to implement a share exchange with Hitachi to be the wholly-owning parent company and Hitachi Medical Corporation (TSE: 6910; “Hitachi Medical”) to be the wholly-owned subsidiary (the “Share Exchange”). Hitachi will repurchase its own shares in order to allot them to all or part of shares which Hitachi allots to Hitachi Medical shareholders related to the Share Exchange.
2. Outline of Repurchase
(Reference)Treasury stocks held by Hitachi as of December 31, 2013
- Number of outstanding shares (excluding treasury stocks): 4,830,131,241 shares
- Number of treasury stocks: 3,332,146 shares
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 326,000 employees worldwide. The company’s consolidated revenues for fiscal 2012 (ended March 31, 2013) totaled 9,041 billion yen ($96.1 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional material & components, automotive systems and others.
For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Hitachi America, Ltd.