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|Notice of Conclusion of Corporate Split Agreements and Merger Agreement|
Tokyo, Japan, December 25, 2001 -- Hitachi, Ltd. (NYSE: HIT /
TSE: 6501) today announced the conclusion of a corporate split agreement
with Hitachi Taga Electronics Co., Ltd. and Hitachi Tochigi Technology
Co., Ltd. to establish Hitachi Home & Life Solutions, Inc., a new consumer
products company. In addition, Hitachi also has concluded a corporate
split agreement with Hitachi Service & Engineering (EAST), Ltd. Hitachi
Service & Engineering (EAST), Ltd., Hitachi Service & Engineering (West)
Ltd., Hitachi Drive Systems, Ltd. and Hitachi Nakajo Technology, Ltd.
have signed a merger agreement. At the same time as the split and merger
on April 1, 2002, Hitachi Service & Engineering (EAST), Ltd. will undergo
a change of the company name to Hitachi Industrial Equipment Systems
About Hitachi Home & Life Solutions, Inc.
About Hitachi Industrial Equipment Systems Co., Ltd.
Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the worlds leading global electronics companies, with fiscal 2000 (ended March 31, 2001) consolidated sales of 8,417 billion yen ($67.9 billion*). The company manufactures and markets a wide range of products, including computers, semiconductors, consumer products and power and industrial equipment. For more information on Hitachi, Ltd., please visit Hitachis Web site at http://global.hitachi.com.
*At an exchange rate of 124 yen to the dollar.
|WRITTEN BY Corporate Communications Division