Business Wire

Hitachi, Ltd. to Make UNISIA JECS CORPORATION a Wholly Owned Subsidiary; Share exchange will consolidate management, strengthening automotive products business.

Business Wire | April 18, 2002 | Copyright

Business Editors/High-Tech Writers

TOKYO--(BUSINESS WIRE)--April 18, 2002

Hitachi, Ltd. (TSE: 6501, NYSE: HIT, "Hitachi") and UNISIA JECS CORPORATION (TSE: 7275, "UNISIA JECS") today announced that in accordance with a memorandum of understanding signed by their respective boards of directors, Hitachi, Ltd. will make UNISIA JECS a wholly owned subsidiary through an exchange of shares. The transaction is being made to strengthen the companies' automotive products businesses.

Hitachi currently holds 16.7% of UNISIA JECS' equity. Integrating their…

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