Hitachi North American Consumer and Multimedia Operations to be Organized Under One Unit
TOKYO, JAPAN AND BRISBANE, CA
Mar 17, 1999 16:38 PM
Hitachi, Ltd. (NYSE: HIT) today announced that Hitachi Home Electronics (America), Inc., San Diego, Calif., which manufactures, imports and markets consumer electronic products, will become a wholly owned subsidiary of Hitachi America, Ltd., Brisbane, Calif. Hitachi Home Electronics (America) had been 60% owned by Hitachi America, Ltd. and 40% by Hitachi, Ltd. Hitachi America is a wholly owned subsidiary of Hitachi, Ltd.
In making the announcement, Tomoharu Shimayama, president of Hitachi America, Ltd., said, "the organization of Hitachi's multimedia and consumer electronics operations under one umbrella is part of our strategy to take advantage of today's concurrence of computing, communications and entertainment. Many of the market opportunities in the future will require products that can straddle both home and business environments and their increasing intersection. Employing the technology and business-to-business resources of Hitachi America's multimedia operations and the digital leadership and consumer savvy of Hitachi Home Electronics will allow us greater leverage in product planning, marketing and sales as we move more deeply and swiftly into the digital era."
As part of Hitachi's plan, Hitachi Home Electronics (America) Inc.'s sales operations will become the Home Electronics Division of Hitachi America, Ltd. as a distinct counterpart of Hitachi America's Computer Division. Hitachi Home Electronics (America) Inc.'s manufacturing operation will become a wholly owned subsidiary of Hitachi America, Ltd., with the responsibility for the manufacture of projection and direct tube digital and analog televisions and other monitor products.
Hitachi America's Home Electronics Division, which will remain headquartered in San Diego, Calif., will be headed by Yutaka Matsushima as chief operating officer. He also will serve as vice president of Hitachi America, Ltd. The manufacturing operations of Hitachi Home Electronics (America), Inc., will continue to be headed by Michiro Funatsu, as president. Kunihide Kaneko, who most recently was president of Hitachi Home Electronics (America), Inc. will return to Tokyo, Japan to the Power & Industrial Systems Group.
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*). 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 Home Electronics (America), Inc.
Location:
San Diego, California
Capital:
$40 million (Ownership: 60% Hitachi America, Ltd. 40% Hitachi, Ltd.)
Business:
Manufacture, import and marketing of consumer electronics
President:
Kunihide Kaneko
Employees:v Approximately 1,300 (as of March 1998)
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:
Tomoharu Shimayama
Employees:
Approximately 6,000 (on a consolidated basis)