Tokyo, October 9, 2013 – Hitachi, Ltd. (TSE:6501) today announced an agreement with its technology partner, Fortune Electric Co., Ltd. of Taiwan, to establish the joint venture company Hitachi Fortune Transformer, Inc. in Taichung, Taiwan in January 2014 (“Hitachi Fortune Transformer”). With activities that will include the manufacturing of transformers, the new company is intended to strengthen Hitachi’s power transmission and distribution systems business. Hitachi Fortune Transformer will construct a facility for manufacturing extra high to high voltage transformers in the Port of Taichung Free Trade Zone in Taichung, Taiwan. The facility is scheduled to commence production in April 2015. The transformers produced by the joint venture will be marketed through Hitachi’s global sales network and will carry the Hitachi brand. The anticipated annual capacity of the facility in 2017 is 35 units of 400-MVA transformers or equivalent. The intention is that Hitachi will have a 60% stake in the new company, with Fortune holding the remaining 40%.
