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Tokyo, Japan, June 18, 2002 -- Hitachi, Ltd. (TSE: 6501, NYSE: HIT)
today announced that the board of directors today decided on the detailed
plan to split off the Display Group as a separate company, Hitachi Displays,
Ltd., on October 1, 2002 and transfer the display business to the new
company, as announced on February 28, 2002.
Hitachi is a leader in the development of Super TFT and other display
technologies that offer high picture-quality and a wide viewing angle,
and are well-suited for displaying moving picture images. Volume production
of flat panel displays is carried out at a highly efficient facility
with glass substrates that are among the world's largest. Hitachi
plans to build on its leading position in the display business by
establishing a new company that will centralize display operations
from planning, development and design to manufacturing and sales,
facilitating even faster decision-making. For the new company's specialized
focus on displays, Hitachi is establishing a stable, high-profit structure,
and will focus on expanding its business globally and developing new
businesses.
Outline of new company
| Company Name |
: |
Hitachi Displays, Ltd. |
| Business |
: |
Planning, development, design, manufacturing
and sales of display devices |
| President and Director |
: |
Fumiaki Yonai |
| Capital |
: |
10 billion yen (100% owned by Hitachi,
Ltd.) |
| Split-off Date |
: |
October 1, 2002 |
| Head Office |
: |
Tokyo, Japan |
| Major Production Works |
: |
Mobara City, Chiba Prefecture |
| Employees |
: |
Approximately 7,000 (consolidated basis)
at time of establishment |
| Sales |
: |
Approximately 228 billion yen (consolidated
basis) in the fiscal year ending March 31, 2004 (forecast) |
Board of Directors and Auditors (Effective October 1, 2002, Current
Positions in Parentheses)
| President and Director |
: |
Fumiaki Yonai (President & Chief Executive
Officer , Displays, Hitachi, Ltd.) |
| Executive Managing Director |
: |
Hironari Tanaka (Executive Vice President,
Displays, Hitachi, Ltd.) |
| Executive Managing Director |
: |
Hiromi Ohtani (General Manager, Electronic
Devices Sales Division, Semiconductor & Integrated Circuits, Hitachi,
Ltd.) |
| Director |
: |
Yoshimichi Shibuya (General Manager,
International Display Sales Division, Semiconductor & Integrated
Circuits, Hitachi, Ltd.) |
| Director |
: |
Yukihiro Sato (Senior Vice President,
Manufacturing Operation, Displays, Hitachi, Ltd.) |
| Director |
: |
Kenji Mukaiyama (Senior General Manager,
Finance Department, Displays, Hitachi, Ltd.) |
| Director |
: |
Makoto Fujioka (Senior General Manager,
Administration Department, Displays, Hitachi, Ltd.) |
| Director (not standing) |
: |
Takashi Kawamura (Executive Vice President
and Director, Hitachi, Ltd.) |
| Corporate Auditor |
: |
Kouichi Maruyama (Corporate Chief Engineer,
Displays, Hitachi, Ltd.) |
| Corporate Auditor (not standing) |
: |
Katsuto Kashiwahara (General Manager,
Investment Planning Office, Hitachi, Ltd.) |
| Corporate Auditor (not standing) |
: |
Kazuo Miura (General Manager, Finance
Department II, Hitachi, Ltd.) |
Profile of New President
| Name |
: |
Fumiaki Yonai |
| Date of Birth |
: |
December 13, 1948 |
| Career |
: |
April |
1971 |
Joined Hitachi, Ltd. |
| |
February |
1995 |
Senior General Manager,
Cathode Ray Tube Manufacturing Department, Electron Tube & Devices
Division, Hitachi, Ltd. |
| May |
1997 |
Senior General Manager,
Picture Tube Design Department, Electron Tube & Devices Division,
Hitachi, Ltd. |
| August |
1998 |
Deputy General Manager,
Electron Tube & Devices Division, Hitachi, Ltd. |
| April |
1999 |
Executive Vice President,
Displays, Hitachi, Ltd. |
| April |
2001 |
President & Chief Executive
Officer, Displays, Hitachi, Ltd. |
About Hitachi
Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading global
electronics company, with approximately 320,000 employees worldwide.
Fiscal 2001 (ended March 31, 2002) consolidated sales totaled 7,994
billion yen ($60.1 billion). The company offers a wide range of systems,
products and services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer products,
materials and financial services. For more information on Hitachi,
please visit the company's Web site at http://global.hitachi.com.
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