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Hitachi Cable America

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July 21, 2005
 

Notice Concerning Restructuring of Group Companies in Europe and North America as Part of Moves to Transform Hitachi Cable America Inc. into a Holding Company

 

Hitachi Cable, Ltd. (hereinafter called Hitachi Cable) has chosen to strengthen the unified management of its businesses in Europe and North America by transforming Hitachi Cable America Inc. (headquarters: New York State; President: Isamu Yoshida; hereinafter called Hitachi Cable America) into a holding company to which Hitachi Cable will assign the task of coordinating Hitachi Cable group companies in Europe and North America.

1. Reorganization summary
The Hitachi Cable group is currently seeking to achieve an ideal number of group companies in order to improve group synergies and to promote significant reductions in the operating costs of subsidiaries and activities related to corporate social responsibility (CSR). The company is also seeking to proceed with thorough implementation of existing management policies and sharing of management strategies. As part of this policy, Hitachi Cable shall unify its management and supervisory functions in Europe and North America by transforming Hitachi Cable America into a holding company and placing group companies in these markets under Hitachi Cable America. This move is intended to ensure information sharing, the creation of synergies in the areas of sales and marketing, and the strengthening of corporate governance, among other goals.

The shares held by Hitachi Cable in Hitachi Cable America, Inc. (hereinafter called Hitachi Cable America), Hitachi Cable Indiana, Inc. (hereinafter called Hitachi Cable Indiana) and Hitachi Cable Europe Ltd. (hereinafter called Hitachi Cable Europe) shall be transferred to Hitachi Cable America. Following this transfer, the group's businesses in Europe and North America shall be unified under a single organization, with these three companies -together with Hitachi Cable Indiana's subsidiary HC Queretaro S.A. de C.V. (hereinafter called HC Queretaro) and Hitachi Cable Indiana's affiliate Hitachi Cable UK, Ltd. (hereinafter called Hitachi Cable UK)-placed under the supervision of Hitachi Cable America.

At the holding company, the new position of Chairman shall be established, as well as an Executive Committee (equivalent to a Board of Executive Officers) whose membership shall include the Chairman and representatives of each company. This Executive Committee shall be responsible for key decisions involving group management. Management shall be supervised by the Board Meeting of Directors, whose members include Hitachi Cable Executive Officers and the Chairman of Hitachi Cable America.

 
Organization Chart

2.Scheduled date of transfer of shares
End of December 2005 (planned)

3. Summary of each company involved

 

Hitachi Cable America

 
(1) Representatives: Chairman of the Board: Akira Kaneko
President: Isamu Yoshida
(2) Established: April 1981
(3) Major lines of business: Import and export sales of products including wires and cables, copper products, optical products, and semiconductor materials
(4) Headquarters location: New York state, U.S.A.
(5) Capital: US $650,000 (as of December 31, 2004)
(6) Major shareholder and percentage of shares held: Hitachi Cable: 100%
(7) Total assets: US $19,366,000 (as of December 31, 2004)
(8) Number of employees: 26 (as of December 31, 2004)
(9) Sales: US $68,833,000 (Fiscal 2005)
 

Hitachi Cable America

 
(1) Representative: President: Hideo Kusumi
(2) Established: September 1986
(3) Major lines of business: Manufacture and sale of Electronic wires, telecommunications cables, and fiber-optic cables
(4) Headquarters location: New Hampshire, U.S.A.
(5) Capital: US $6,000,000 (as of December 31, 2004)
(6) Major shareholder and percentage of shares held: Hitachi Cable: 100%
(7) Total assets: US $27,839,000 (as of December 31, 2004)
(8) Number of employees: 146 (as of December 31, 2004)
(9) Sales: US $42,908,000 (Fiscal 2005)
 

Hitachi Cable Indiana

 
(1) Representative: President: Akira Kaneko
(2) Established: April 1987
(3) Major lines of business: Manufacture and sale of automotive hoses, primarily brake hoses and power-steering hoses
(4) Headquarters location: Indiana, U.S.A.
(5) Capital: US $9,000,000 (as of December 31, 2004)
(6) Major shareholder and percentage of shares held: Hitachi Cable: 100%
(7) Total assets: US $50,706,000 (as of December 31, 2004)
(8) Number of employees: 576 (as of December 31, 2004)
(9) Sales: US $66,927,000 (Fiscal 2005)
 

Hitachi Cable Europe

 
(1) Representative: President: Katsura Ishikawa
(2) Established: April 2002
(3) Major lines of business: Import and export sales of products including wires and cables, copper products, optical products, and semiconductor materials
(4) Headquarters location: London, England
(5) Capital: 170,000 pounds (as of December 31, 2004)
(6) Major shareholder and percentage of shares held: Hitachi Cable: 100%
(7) Total assets: 3,307,000 pounds (as of December 31, 2004)
(8) Number of employees: 9 (as of December 31, 2004)
(9) Sales: 12,216,000 pounds (Fiscal 2005)
 

HC Queretaro

 
(1) Representative: President: Akira Kaneko
(2) Established: September 1994
(3) Major lines of business: Manufacture and sale of automotive brake hoses
(4) Headquarters location: Queretaro state, Mexico
(5) Capital: 54,785,000 Mexican pesos* (as of December 31, 2004)
(6) Major shareholder and percentage of shares held: Hitachi Cable Indiana: 100%
(7) Total assets: 88,421,000 Mexican pesos (as of December 31, 2004)
(8) Number of employees: 147 (as of December 31, 2004)
(9) Sales: 195,756,000 Mexican pesos (Fiscal 2005)
*1 peso = 10.34 yen (as of June 30, 2005)
 

Hitachi Cable UK

 
(1) Representative: President: Akira Kaneko
(2) Established: June 2000
(3) Major lines of business: Assembly, manufacture, and sale of automotive hoses
(4) Headquarters location: Wales, UK
(5) Capital: 1,200,000 pounds (as of December 31, 2004)
(6) Major shareholders and percentages of shares held: Hitachi Cable: 70%; Hitachi Cable Indiana: 30%
(7) Total assets: 3,312,000 pounds (as of December 31, 2004)
(8) Number of employees: 32 (as of December 31, 2004)
(9) Sales: 6,337,000 pounds (Fiscal 2005)

4. Effects of this reorganization on Hitachi Cable business performance
This merger will have no effect on the non-consolidated business performance of Hitachi Cable. The merger?s effects on the consolidated business performance of Hitachi Cable will be negligible.