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.
October 27, 2015
Hitachi Establishes Joint Venture for Sales and Services of
Elevators & Escalators in the Country
Yangon, 27th October, 2015 - Hitachi, Ltd. (President & COO:Toshiaki Higashihara, "Hitachi"), together with Siam-Hitachi Elevator Co., Ltd. (President:Tatsuo Oishi, "Siam-Hitachi") and Prime Deco Engineering Co., Ltd. (Managing Director:Sein Lin, "Prime Deco"), has established Hitachi Elevator (Myanmar) Co., Ltd. (Managing Director:Kiyoshi Eguchi, "Hitachi Elevator Myanmar"), a joint venture for sales and services of elevators & escalators in the Republic of the Union of Myanmar ("Myanmar"). Siam-Hitachi is a manufacturing & service company of Hitachi's elevators & escalators. The new joint venture will start its full scale sales activities in November to expand sales orders in the market.
The demands in the construction market in Myanmar have been rapidly increasing because of upgrading of urban infrastructures and factory constructions by foreign manufacturers. As a result, the demand of hotels, office buildings, and residential buildings developed by domestic companies as well as foreign companies from Singapore, Vietnam and so on, has been rising. The demand of new elevators & escalators in the country is expected to grow from 1,300 units in fiscal 2015 to 2,000 units in fiscal 2020 with over 7% of annual growth rate.
Hitachi has a long history of its elevator & escalator business in Myanmar. The company supplied 4 sets of elevators for "Sakura Tower" in Yangon, the biggest city of the country in 1997. Hitachi has also secured elevator orders for several major developments in the city such as a construction project of "Shangri-La Residences" and an extension project of "Sedona Hotel". The company has been expanding its sales activities since it entered a distributorship agreement with Prime Deco in November, 2013. Most recently, Hitachi grabbed the whole package with 70 sets of elevators & escalators for "HAGL Myanmar Center", one of the major developments in Yangon. The installation work of the project is going on towards its completion scheduled at the end of 2015.
Hitachi is the elevator manufacturer that has developed the world fastest, 1,200 m/min, elevator. Through Hitachi Elevator Myanmar, Hitachi will enhance its sales activities of elevators & escalators to expand sales orders in Myanmar and contribute to the economic growth of the country.
| Corporate Name | Hitachi Elevator (Myanmar) Co., Ltd. |
|---|---|
| Managing Director | Kiyoshi Eguchi |
| Head Office | Yangon, Myanmar |
| Foundation | July, 2015 |
| Outline of business | Sales, Installation, & Maintenance of Elevators & Escalators |
| Number of employees | Approximately 25 |
| Capital | USD 2,000,000 (Investment ratio: Hitachi:27%; Siam-Hitachi:50%; Prime Deco:23%) |
| Corporate Name | Siam-Hitachi Elevator Co., Ltd. |
|---|---|
| President | Tatsuo Oishi |
| Head Office | Bangkok, Thailand |
| Foundation | November, 1991 |
| Outline of business | Sales, Manufacturing, Installation, & Maintenance of Elevators & Escalators |
| Corporate Name | Prime Deco Engineering Co., Ltd. |
|---|---|
| Managing Director | Sein Lin |
| Head Office | Yangon, Myanmar |
| Foundation | September, 2013 |
| Outline of business | Sales, Installation, & Maintenance of Elevators & Escalators |
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges with our talented team and proven experience in global markets. The company's consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes power & infrastructure systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, healthcare and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
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