Hitachi Organizes Canadian Consumer and Electronics Operations Under One Unit
TOKYO, JAPAN AND MISSISSISAUGA, ONTARIO
Aug 23, 1999 10:43 AM
Hitachi, Ltd. (NYSE: HIT) and its wholly owned subsidiary, Hitachi America, Ltd., today announced the merger of Hitachi (Canadian) Ltd., a subsidiary of Hitachi America, Ltd., and Hitachi (HSC) Canada Inc., a subsidiary of Hitachi, Ltd., effective October 1, 1999.
The new company, to be known as Hitachi Canada Ltd. will be 55% owned by Hitachi America, Ltd. and 45% by Hitachi, Ltd. Masakazu Hamada, currently president of Hitachi (Canadian) Ltd. will be president of the combined companies. Tadashi Nishiuchi, president of Hitachi (HSC) Canada Inc., will be executive vice president of the Digital Media Group of Hitachi Canada Ltd. The company will be based in Mississauga, Ontario.
Hitachi (Canadian) Ltd. primarily markets electronic devices and components, as well as power & industrial equipment and services in Canada. Hitachi (HSC) Canada Inc. markets consumer electronic products in Canada.
In making the announcement, Tomoharu Shimayama, president and CEO of Hitachi America, Ltd., said, "The merger of Hitachi (Canadian) and Hitachi (HSC) Canada is part of our ongoing strategy to foster closer collaboration within Hitachi in fast developing markets in North America. The evolving digital multimedia marketplace is narrowing the gap between home and business applications, representing important opportunities for applying Hitachi technology. This merger will help stimulate more opportunities for Hitachi to be a key participant in the multimedia market in Canada, as well as in all of North America. The merger also complements the recent establishment of the Hitachi America Digital Multimedia Systems and Products Business Planning Group, through which we will develop a close linkage to generate new products for the North America market."
Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets and manufactures a broad range of electronics, computer systems and products, consumer electronics and semiconductors, and provides industrial equipment and services throughout North America. For more information, visit http://www.hitachi.us/.
Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the world's leading global electronics companies, with fiscal 1998 (ended March 31, 1999) consolidated sales of 7,977 billion yen ($65.9 billion*). The company manufactures and markets a wide range of products, including computers, semiconductors, consumer products and power and industrial equipment. For more information on Hitachi, Ltd., please visit Hitachi's Web site at http://www.hitachi.co.jp.
*At an exchange rate of 121 yen to the dollar.
Outline of Hitachi Canada, Ltd. (As of October 1, 1999)
Location: Mississisauga, Ontario, Canada
Establishment: October 1, 1999
Capital: $1.3 million (Ownership: 55% Hitachi America, Ltd. 45% Hitachi, Ltd.)
Business: Marketing and sales of consumer electronics products, electronic components, power and industrial systems and services
President: Masakazu Hamada
Employees: Approximately 90
Outline of Hitachi America, Ltd.
San Francisco, California
US $320.3 million (wholly owned by Hitachi, Ltd.)
Business: Marketing and sales of electronics, computer systems and products, and consumer electronics and provides industrial equipment and services
President: Tomoharu Shimayama
Approximately 5,400 (on a consolidated basis as of June 1999)
Gerard F. Corbett
Hitachi America, Ltd.
Corp. Communications Group
Fax: (650) 244-7920
Hitachi Canada Ltd.
Tel: (905) 826-4100
Tel: 011.813.3258.2055 (Tokyo)
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