Tokyo, October 26, 2018 --- Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced that it decided to conduct a public tender offer to acquire all issued shares of Yungtay Engineering Co., Ltd. (TWSE: 1507, “Yungtay”), an elevator and escalator company in Taiwan, and submitted a binding letter to Yungtay with the intent to acquire each share at 60.0 TWD. Additionally, Hitachi has signed a contract with Chou-Li Hsu, Honorary Chairman and founding family of Yungtay, that he will tender his 4.3% of shares in Yungtay, in the case of a public tender offer by Hitachi.
Hitachi owns, together with its wholly owned subsidiary Hitachi Building Systems Co., Ltd., 11.7% of Yungtay’s shares, and intends to acquire 100% ownership of Yungtay through this public tender offer. With the acquisition, Hitachi aims to enhance the elevator and escalator business in the People’s Republic of China (“China”) and Asia by increasing the competitiveness of its products, and accelerate the global expansion of its product and service businesses.
