Hitachi Automotive Systems to Transfer its Commercial Vehicle Steering Business to Knorr-Bremse

Tokyo, December 7, 2018 --- Hitachi Automotive Systems, Ltd. today announced that the company has signed an agreement with Knorr-Bremse AG, the German global market leader for braking systems, to transfer Hitachi Automotive Systems’ commercial vehicle steering business to Knorr-Bremse. Specifically, Hitachi Automotive Systems will spin off its commercial vehicle steering business to a new company incorporated for this transaction through an absorption-type company split, and transfer all shares of the new company to Knorr-Bremse Asia Pacific (Holding) Ltd., which is a wholly owned subsidiary of Knorr-Bremse in Hong Kong.