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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.
July 31, 2017
Tokyo, July 31, 2017 --- Hitachi Ltd. (TSE: 6501, "Hitachi") commented on the captioned matter as follows.
Mitsubishi Heavy Industries, Ltd. ("MHI") today announced that it has filed an arbitration claim against Hitachi regarding the transfer price adjustment in connection with the certain boiler construction projects ("Projects") in the Republic of South Africa that involves Mitsubishi Hitachi Power Systems, Ltd. ("MHPS"), which is the joint venture company that integrated the respective thermal power generation system businesses of MHI and Hitachi.
As of today, Hitachi has not confirmed contents of the mentioned arbitration because the company has not received the notification of such arbitration claim yet. Hitachi will continue to respond sincerely to MHI, an important business partner, toward a resolution based on discussion.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges. The company's consolidated revenues for fiscal 2016 (ended March 31, 2017) totaled 9,162.2 billion yen ($81.8 billion). The Hitachi Group is a global leader in the Social Innovation Business, and it has approximately 304,000 employees worldwide. Through collaborative creation, Hitachi is providing solutions to customers in a broad range of sectors, including Power / Energy, Industry / Distribution / Water, Urban Development, and Finance / Government & Public / Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.