Hitachi announces acquisition of remaining shares from ABB
Switzerland, Zurich: Hitachi Energy Ltd has announced signing a share transfer agreement for the remaining 19.9 % shares from ABB Ltd.
Image source: Hitachi Energy
Switzerland, Zurich: Hitachi Energy Ltd has announced signing a share transfer agreement for the remaining 19.9 % shares from ABB Ltd.
The agreement was signed pursuant to the acquisition agreement signed on 17 December 17, 2018. The transfer of shares will be completed by end of December 2022, subject to regulatory approvals.
“We are pleased with the progress of Hitachi Energy and we look forward to supporting the Hitachi Energy 2030 Plan, as announced during Hitachi Investor Day 2022,” said Yoshihiko Kawamura, Executive Vice President and Executive Officer, CFO of Hitachi, Ltd., and the Chair of the Board of Hitachi Energy.
Hitachi Energy is making good progress with its portfolio offering that is strengthening, expanding, and evolving the power system supporting customers and partners across the entire lifecycle to enable a sustainable, flexible and secure energy system. The company is also well-positioned to accelerate the growing electrification of transportation, industry and building sectors with its long-term Hitachi Energy 2030 purpose-driven growth plan.
The good progress of the company is underpinned by the commitment from Hitachi, a diverse and passionate global team of 40,000 Hitachi Energy employees, and the tailwind from the development and deployment of innovative technology for a carbon-neutral vision where electricity will become the backbone of the entire energy system.
The joint venture company was launched and began operation as Hitachi ABB Power Grids on 1 July 2020, and then announced the change of company name to Hitachi Energy on 1 July 2021. Under the leadership of Claudio Facchin as CEO and Yoshihiko Kawamura, Executive Vice President and Executive Officer, CFO of Hitachi, as the Chair of the Board of Hitachi Energy, the company will continue to expand Hitachi’s energy solutions business globally as a core part of the company’s Social Innovation Business.
Source: Hitachi Energy