On November 30, 2022, Japan Hitachi Construction Machinery Co., Ltd. (hereinafter referred to as "Hitachi Construction Machinery") announced that it agreed to transfer all its equity (27200 shares, 34% of the voting rights) in Sumitomo Heavy Industries Construction Cranes Co., Ltd., an affiliated company calculated by the equity method, to Sumitomo Heavy Industries (the parent company of Sumitomo Heavy Industries Construction Cranes Co., Ltd.), The transfer agreement has been signed.
After the completion of the share transfer, Sumitomo Heavy Machinery Construction Crane will become a wholly-owned subsidiary of Sumitomo Heavy Machinery Industry.
It is reported that Hitachi Construction Machinery merged its crawler crane business with Sumitomo Heavy Machinery Industry in 2002 to form the current Sumitomo Heavy Machinery Construction Machinery Crane (then known as "Hitachi Sumitomo Heavy Machinery Construction Machinery Crane"); In March 2017, Hitachi Construction Machinery transferred part of its equity of Sumitomo Heavy Machinery Construction Machinery Crane to Sumitomo Heavy Machinery Industry. Since then, the two sides have been cooperating on the development of crawler crane business; Until November 30, 2022, Hitachi Construction Machinery officially announced that it would transfer all its shares of Sumitomo Heavy Machinery Construction Machinery Crane to Sumitomo Heavy Machinery Industry.
For a long time, in order to enhance global competitiveness, Hitachi Construction Machinery has been promoting various business structure reforms in Japan and overseas. The medium-term management plan currently being implemented not only focuses on the sale of competitive new equipment, including hydraulic excavators and wheel loaders, as well as super large hydraulic excavators and dump trucks for mining, but also focuses on expanding the financing business beyond the sale of parts and services, leasing, second-hand equipment and new equipment.
Hitachi Jianji said that the decision to transfer all the equity was part of a series of business restructuring initiatives. Under the corporate vision of "leaving the rich environment and prosperous city to future generations", the Group will continue to transform to a strong business structure to achieve stable growth and contribute to the development of the whole world.
