London, 27th April, 2017 --- Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced it has entered the elevator market in Europe with the acquisition of Temple Lifts Ltd. (“Temple”), the UK-based company which manages the sales, installation, maintenance and repair of lifts in the UK. Hitachi will expand its elevator business into the UK by using Temple’s sales channel, knowledge and existing high quality technology in lift maintenance, adding Hitachi’s highly efficient products.
Hitachi has been expanding its elevator business in China and other Asian countries, India, and the Middle East in recent years. Hitachi has invested in many RCEP member countries where expedited growth is expected: the Republic of the Union of Myanmar (2015), the Republic of Indonesia (2016), the Socialist Republic of Vietnam (2016) and the Kingdom of Cambodia (2016).
Hitachi has considered entering the European lift market, which accounts for over 30% of the global share of the market, for some time. After comprehensive consideration, Hitachi decided to enter the UK due to the significant size of the market and a stable growth rate in Europe among other reasons.