Hitachi Chemical, Hitachi, Sumitomo Electric to Establish Joint Venture for Epoxy Resin Molded Products Used in Gas insulated Switchgear and Power Transmission Cable Accessories

Tokyo and Osaka, March 3, 2014 - Hitachi Chemical Co., Ltd. (“Hitachi Chemical” /TSE:4217), Hitachi, Ltd. (“Hitachi”/TSE:6501) and Sumitomo Electric Industries, Ltd. (“Sumitomo Electric”/TSE:5802) today announced that they have reached an agreement to arrange the business succession of the epoxy resin molded products business of Hitachi Cable Mec-Tech, Ltd., a subsidiary of Hitachi Metals, Ltd., to a joint venture to be established by Hitachi Chemical, Hitachi and Sumitomo Electric, “Hitachi Chemical Sumiden Power Products, Ltd.” (tentative name), on April 1, 2014. The equity shares in the new company will be Hitachi Group 60% (Hitachi Chemical 51%, Hitachi 9%) and Sumitomo Electric 40%. Its main business will be the manufacture of epoxy resin molded products for gas insulated switchgear and power transmission cables, which are indispensable to power transmission and distribution infrastructure.