|Listed by release date|
|Hitachi and Nippon Sanso Reached Agreement on Transfer of
Hitachi's Air Separation Plants Business
| Tokyo, Japan, December 25, 2002 -- Hitachi, Ltd. (TSE: 6501) and Nippon Sanso Corporation (TSE: 4091) today announced that they have reached a basic agreement under which Hitachi will transfer its business of air separation plants to Nippon Sanso, effective April 1, 2003. Following a period of due diligence, Hitachi and Nippon Sanso will sign the transfer contract. Hitachi's air separation plants operation will begin operating under Nippon Sanso effective on April 1, 2003.
The air separation plants are used in such industries as steel, chemicals and semiconductor manufacturing, which are large consumers of industrial gases including, oxygen and nitrogen. Recently, the plant sales operation has combined with the gas sales operation as a total solution to its various users.
Hitachi's air separation plants business includes development, manufacture, sales and maintenance services as part of industrial plant businesses. The company made the decision to transfer the business to Nippon Sanso as part of its strategy to advance the structural reform of its operations.
Nippon Sanso's major focus is on expanding and developing its air plant business, concentrating on industrial gases. With the integration of Hitachi's air separation plant operations, Nippon Sanso seeks to better enhance its cost competitiveness, leading to a significant improvement in the services offered not only in its air separation plant business but also the industrial gas business as a whole.
About Nippon Sanso
|Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.|
|WRITTEN BY Corporate Communications Division