News Releases


Hitachi Holds Conference Hosted by New President

Tokyo, April 6, 2010 --- Hitachi, Ltd. (TSE:6501 / NYSE:HIT) today held a conference with media and investors hosted by Hitachi’s new President of Hitachi, Ltd. who was appointed in his new role effective April 1st. The following outlines an extract of the speech delivered by Mr. Hiroaki Nakanishi.

Hitachi was founded in 1910 and in the ensuing years has expanded its business domains such as motors, power generation facilities, home appliances, computers and semiconductors. Over the past 100 years there have been major changes impacting humanity and the environment. In fact, as I stand here today, the world is facing a number of escalating problems Environmental problems such as global warming, and concerns about resource and energy depletion just some of these concerns, but critically important. Safe and secure social infrastructure that can support our lives and that is friendly to the environment is desperately needed in regions around the world to solve these problems. As we take our first steps in a new century, I think we are surely witnessing the arrival of an era whereby social infrastructure business and technologies—where our origins lie—will make a major contribution. We are developing our Social Innovation Business, which supplies advanced social infrastructure linked by information and communication technology (ICT), in all corners of the world. In this way, we are striving to meet the expectations of all stakeholders as a global leading Social Innovation company.

Last year, Hitachi took forthright steps designed to focus on the Social Innovation Business. This included conducting tender offer bids that converted five publicly listed companies into wholly-owned subsidiaries of Hitachi. In tandem with these steps, we structurally reformed the businesses that caused our large losses in the past, and reduced fixed and procurement costs with unprecedented speed. As a result, we were able to limit the downside risk of loss operating businesses. Furthermore, we raised funds through the issuance of new shares by way of third-party allotment and in other ways, to finance capital expenditures and strategic investments for developing more globally going forward. The raising of these funds has strengthened our financial position. Through these management initiatives, Hitachi has put the framework in place for creating a stable profit structure, prevailing against global competition and achieving new growth.