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2005 News Release
January 27 
January 27, 2005
Reorganization of Subsidiaries
—Hitachi Metals Precision Division to be Spun Off From HMY, Ltd.——To Concentrate on Turbocharger Products; Major Growth Predicted—
| Tokyo, Japan, January 27, 2005—Hitachi Metals, Ltd., announced today the spin-off of the precision-cast products and metal injection molding businesses from its subsidiary, HMY, Ltd. (Headquarters: Minato-ku, Tokyo; President: Toshimichi Matsukawa, hereinafter, “HMY”) to form a new subsidiary, Hitachi Metals Precision, Ltd. The new company will concentrate its management resources on turbochargers and other fields in which growth in global markets is forecast, as it works to become a development-oriented company that meets the diverse needs of its customers. |
1. Background and Objectives
The installation of turbochargers*1 on automobile engines as an environmental countermeasure is on the increase, and major growth in this market is predicted.HMY performs some of the processing of the high-grade specialty steels manufactured by the Yasugi Works, which are Hitachi Metals’ primary product. Together with this, as independently operated businesses, HMY uses precision casting*2 to produce turbine wheels, compressor wheels, and other turbocharger-related products, and metal injection molding*3 to manufacture metal parts.
To pursue a stronger strategy in the field of turbocharger related products, in which large-scale market growth is expected, Hitachi Metals is clarifying the boundaries of business domains by separating HMY’s steel-processing businesses from its independently operated businesses. HMY’s independently operated business divisions will become Hitachi Metals Precision, Ltd., which will pursue business development and growth in global markets by producing internationally accepted products that meet customers’ diverse needs. HMY will continue to operate its steel-processing businesses in cooperation with the Yasugi Works.
2. Objectives of the New Company
| (1) | To be the world leader in automotive turbocharger components |
| Hitachi Metals Precision, Ltd. will work to win the top share of the world market for turbocharger related products, which are its primary products. | |
| (2) | A development-oriented company that specializes in high-grade, complex-shaped parts |
| The new company will work to become a development-oriented company that meets the diverse needs of customers by fusing advanced materials development technology, precision-casting technology, and metal injection molding technology. | |
| (3) | Integrated manufacturing, from materials through assembly |
| Through precision processing technology combined with an integrated manufacturing system that encompasses all phases of production from selection of materials through assembly, the new company will strive to expand the scale of its business through exacting response to the requirements of its customers. |
3. About the New Company
| (1)Company name: | Hitachi Metals Precision, Ltd. |
| (2)Planned establishment: | April 1, 2005 |
| (3)Headquarters: | Seavance North 1-2-1 Shibaura, Minato-ku, Tokyo |
| (4)Representative director president: | Toshimichi Matsukawa (Presently representative director president of HMY) |
| (5)Capital: | ¥300 million (100% capitalized by Hitachi Metals) |
| (6)Sales targets: | Fiscal 2005 ¥10.0 billion per year Fiscal 2008 ¥14.0 billion per year |
| (7)Number of employees: | 520 |
| (8)Business locations: | Three sales offices, two manufacturing plants |
| (9)Business operations: | Manufacturing and sales of precision cast parts for automotive and aerospace equipment, the nuclear energy industry, construction materials, and electronic equipment; manufacturing and sales of metal injection molded parts, office equipment components, and parts for precision equipment. |
| Press inquiries: | ||
| Akio Minami Corporate Communications Office, Hitachi Metals, Ltd. Telephone: +81-3-5765-4079 Facsimile: +81-3-5765-8312 |
||
(Reference)
Overview of HMY, Ltd. (As of January, 2005)
| (1) Company name: | HMY, Ltd. |
| (2) Established: | November 1, 1986 |
| (3) Headquarters: | Seavance North 1-2-1 Shibaura, Minato-ku, Tokyo |
| (4) Representative director president: | Toshimichi Matsukawa |
| (5) Capital: | ¥444.1 million |
| (6) Number of employees: | Approximately 1,800 |
| (7) Business locations: | Three sales offices, two manufacturing plants |
| (8) Business operations: | Manufacturing and sales of precision casting products for the automotive, aerospace, nuclear energy, construction materials, and electronic equipment industries; manufacturing and sales of metal injection molding products, manufacturing of components for office equipment and precision equipment; processing of specialty steels (surface grinding); production of high-grade specialty steels; transport of specialty steels; raw materials management; management of product packaging and shipping; vehicle inspection preparation; shipping of general cargo; heavy cargo moving and shipping; afforestation; company dormitory management; factory catering; text production; photography; signs; building maintenance and repair; raw materials manufacturing, remanufacturing, and marketing services. |
