Hitachi America Forms New Finance Company, Hitachi America Capital, Ltd.

Hitachi America Capital, Ltd. To Provide Financing and Financing Support to Hitachi America Subsidiaries and Hitachi Group Companies

BRISBANE, CA

BUSINESS WIRE

Apr 28, 1999 00:00 AM

April 28, 1999--Hitachi America, Ltd., a subsidiary of Hitachi, Ltd. (NYSE:HIT)today announced the formation of Hitachi America Capital, Ltd., a new subsidiary incorporated effective April 1st to provide financing and financing support to its subsidiaries and Hitachi, Ltd. Group companies in North America, utilizing U.S. capital markets as a finance base of Hitachi's global operation.

Hitachi America Capital, Ltd. will be the center of financing activities for all Hitachi companies in North America. The new company will be headed by Kazuhiro Ueda, as president, who remains senior vice president and chief financial officer of Hitachi America, Ltd. It will be capitalized at $3 million and operate from both Brisbane, Calif. and Tarrytown, N.Y.

In making the announcement, Tomoharu Shimayama, president of Hitachi America, Ltd., said, "the formation of Hitachi America Capital reflects the growth of the company and our desire to enhance Hitachi's financial flexibility by improving access to U.S. capital markets. Our goal ultimately is to provide the requisite financial infrastructure to support the growth of our subsidiaries and those of our parent company, Hitachi, Ltd., in North America"

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets and manufactures a broad range of electronics, computer systems and products, consumer electronics and semiconductors, and provides industrial equipment and services throughout North America. For more information, visit http://www.hitachi.us/.

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the world's leading global electronics companies, with fiscal 1997 (ended March 31, 1998) consolidated sales of 8,417 billion yen ($63.8 billion (Note *)). 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 Hitachi's Web site at http://www.hitachi.co.jp.

Note*.At an exchange rate of 121 yen to the dollar.

Outline of Hitachi America Capital, Ltd.

Location: Brisbane, California and Tarrytown, New York

Capital:
$3.0 million

Capital Structure:
Direct wholly owned of Hitachi America, Ltd. (HAL100%) Incorporation Date:
April 1, 1999

Business:
Financing and finance support to Hitachi America and Hitachi, Ltd. affiliated companies in the U.S.A.

President:
Kazuhiro Ueda

Outline of Hitachi America, Ltd.

Location:
Brisbane, California

Capital:
$320.3 million (wholly owned by Hitachi, Ltd.)

Business:
Sales and after-sales service of electric and electronic equipment, and procurement of parts and materials

President:
Tomoharu Shimayama

Employees:
Approximately 6,000 (on a consolidated basis)