CORPORATE FORTUNES

Hitachi Wraps Up Share Transfer Of Hitachi Compressor (Thailand), Ltd.

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By Ron Chen, Correspondent ASEAN Region

Hitachi Global Life Solutions, Inc. has concluded an agreement to transfer all outstanding shares of Hitachi Compressor (Thailand), Ltd., a wholly owned subsidiary in Thailand that manufactures compressors for refrigerators to Midea Electric Trading (Singapore) Co. Pte, Ltd., a subsidiary of China’s Midea Group and a trading company for home appliances sales.

By joining the Midea Group, which is one of the world’s leading producers of refrigerator compressors, Hitachi Compressor (Thailand), Ltd. will strengthen its competitiveness by improving its procurement capabilities and expanding its supply chain. In addition, the Midea Group will utilize Hitachi Compressor (Thailand), Ltd. as an important production base in the ASEAN region for future business expansion.

Hitachi Global Life Solutions will improve the profitability of the refrigerator business by switching to external procurement, such as outsourcing the production of refrigerator compressors, which are produced by Hitachi Compressor (Thailand), Ltd., to Midea Electric Trading (Singapore) Co. Pte, Ltd., which will strengthen competitiveness. In addition, we will continue to invest in the growth of high value-added products such as connected appliances and to strengthen our life solution business. We will also develop innovative refrigerators and solutions in the area of foodstuffs that meet the diversifying needs of customers and contribute to the improvement of the consumer’s QoLHCT, Hitachi Asia (Thailand) and SANTEC will contribute to solving customers’ issue through pursuing the solar self-consumption solutions and realizing the decarbonization society in Thailand by expanding this business to all over the country.

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