Hitachi De Venezuela, C.A., Becomes Wholly Owned Subsidiary of Hitachi America, Ltd.

BRISBANE, CA AND CARACAS, VENEZUELA

Sep 27, 1999 08:27 AM

Hitachi, Ltd. (NYSE: HIT) and its Hitachi America, Ltd., subsidiary today announced that Hitachi de Venezuela, C.A., will become a wholly owned subsidiary of Hitachi America, Ltd., effective October 1, 1999.

Hitachi de Venezuela, C.A., previously a representative office of Hitachi, Ltd., will be headquartered in Caracas. Tomoharu Shimayama, president and CEO of Hitachi America, Ltd., will serve as president and director of Hitachi de Venezuela, C.A. and Edson Massaharu Guiotoko will serve as general manager. Hitachi de Venezuela, C.A. will have oversight of Venezuela, Ecuador, Colombia, Peru, Guyana, Suriname and the Caribbean region.

In making the announcement, Mr. Shimayama said, "the establishment of Hitachi Venezuela as a subsidiary of Hitachi America represents the growing importance of South America to Hitachi. The North America linkage will also allow Hitachi de Venezuela, C.A. to employ the resources of the entire Hitachi America Group of companies."

Hitachi de Venezuela, C.A., a subsidiary of Hitachi America, Ltd., markets and sells Hitachi Group products and services in key regions of South America.

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets and manufactures a broad range of electronics, computer systems and products, 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 1998 (ended March 31, 1999) consolidated sales of 7,977 billion yen ($65.9 billion*). 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.

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

Outline of Hitachi de Venezuela, C.A.

Location:
Caracas Venezuela

Capital:
$100,000BV

Capital Structure:
Direct wholly owned subsidiary of Hitachi America, Ltd.

Incorporation Date: October 1, 1999

Business:
Sales and service of Hitachi products

President:
Tomoharu Shimayama

General Manager:
Edson Massaharu Guiotoko

Outline of Hitachi America, Ltd.

Location:
San Francisco, 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 and CEO:
Tomoharu Shimayama

Employees:
Approximately 5,400 (on a consolidated basis)

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