Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
December 24, 2020
Tokyo, December 24, 2020 - Hitachi Global Life Solutions, Inc. (President, Jun Taniguchi) 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 QoL.
| Company Name | Midea Electric Trading (Singapore) Co. Pte, Ltd. |
|---|---|
| Name and title of representative | Director Huang Jinjie |
| Head Office | Singapore |
| Date of establishment | January 2008 |
| Number of employees | Approximately 40 |
| Business Description | Sales of home appliances products |
| Major Shareholders and Shareholding Ratio | Midea International Corp. (Hong Kong) 100% |
| Company Name | Hitachi Compressor (Thailand), Ltd. |
|---|---|
| Name and title of representative | Aiji Ioka, President |
| Head Office | Ayutthaya, Thailand |
| Date of establishment | November 1993 |
| Number of employees | Approximately 1,170 |
| Business Description | Manufacture and sale of compressors for refrigerators |
| Major Shareholders and Shareholding Ratio | Hitachi Global Life Solutions, Inc. 100% |
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