![]() ![]() ![]() This creates further innovation for business fields such as life and industry and helps us address society’s issues and improve quality of life,” he said. “Hitachi will combine ABB’s strengths in the power grids business with our digital technology to build an energy platform that contributes to innovating the energy business. Toshiaki Higashihara, president and chief executive at Hitachi, described the deal as a “significant turning point” for global energy and power markets at a time when digital technology is “fundamentally changing” energy demand and supply. Hitachi pointed to internal analysis that placed the global power grids market as having the potential to be valued at US$100 billion by 2020, with growth predominantly driven by the transition towards renewable energy and significant electrification. Hitachi said the transaction would allow it to combine ABB’s grid-level technology with Hitachi’s digital platform and look to expand Hitachi’s reach through ABB’s customer base.įurthermore, Hitachi is aiming to expand its reach into adjoining markets such as emobility and C&I energy. The final purchase price will be based on customer adjustments for net working capital and net debt based on the closing date, which has been tentatively slated for H1 2020. Hitachi will pay a purchase price of US$6.4 billion (£5 billion) for the initial 80.1% after deducting debt-like items from the unit’s value. Hitachi and ABB have agreed to a deal which values the power grids business at around US$11 billion (£8.7 billion). Hitachi is to acquire an 80.1% stake in the power grids division and has also entered into a purchase option for the remaining 19.9% share, turning power grids into a wholly-owned subsidiary of Hitachi. Hitachi ABB Power Grids will become Hitachi Energy from October 2021.Power electronics giant Hitachi has acquired ABB’s power grids business in an US$11 billion (£8.7 billion) deal which cements its position in the energy solutions sector. The company is participating an official partner in the Swedish pavilion at the World Expo 2020 in Dubai. Wetex is a perfect platform for Hitachi ABB Power Grids to highlight its latest technological advancements and discuss the latest trends related to energy, water conservation, saving natural resources, and building a sustainable en-vironment. Each of its strategic key pillars is linked to business targets contributing to creating social, environmental, and economic values.” “Our sustainable strategy draws inspiration from the UN’s Sustainable Development Goals (SDGs). Our presence at Wetexshow-case will highlight our range of electric solutions supporting the four key pillars of Planet, People, Peace and Partnerships,” he said. “We recently set out Sustainability 2030, our new strategic plan and commit-ment towards a sustainable energy future. The solutions and services are aimed at helping customers overcome complexity, increase efficiency, and accelerate the shift towards a carbon-neutral energy future. This year, Hitachi ABB Power Grids’ key focus will be Sustainability and Digi-talization, demonstrating the company’s versatile range of technology and electricity solutions that will reinforce a carbon-neutral future. ![]()
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