Board Change in Status Katsukuni Hisano, currently Senior Vice President and Director, to be appointed President and Director, UNISIA JECS
CORPORATION, effective June 27, 2002 and Director, Hitachi, Ltd.
TSE: 6501, NYSE: HIT, "Hitachi") and UNISIA JECS CORPORATION (TSE: 7275, "UNISIA JECS") today announced that in accordance with a memorandum of understanding signed by their respective boards of directors, Hitachi, Ltd.
Also on October 1, UNISIA JECS will change its corporate name to Hitachi-Unisia Automotive, Ltd.
The purpose of making UNISIA JECS a wholly owned subsidiary is to further expand the automotive products business.
With UNISIA JECS as a wholly owned subsidiary, the Hitachi Group can combine technology related to basic automotive functions, such as braking and steering, with Hitachi's motor actuator and engine control technology and cutting-edge IT and electronics technologies, which is needed to enter the ubiquitous information society.
The advantages of making UNISIA JECS a wholly owned
UNISIA JECS manufactures automotive systems and components that underpin every area of basic vehicle function: engine, drive train, suspension, steering and brakes.
In April 1999, Hitachi took an equity position in UNISIA JECS as part of an alliance between the two companies relating to vehicle control in an Intelligent Transport System (ITS).
With UNISIA JECS as a wholly owned subsidiary, the Hitachi Group can combine Hitachi's sensor-based information verification and advanced electronic control technologies with UNISIA JECS' world-class brake and steering technologies and application engineering to vehicles.
1) Schedule (provisional) April 18, 2002 Board of directors approves memorandum of understanding for share exchange April 18, 2002 Signing of memorandum of understanding for share exchange Late May, 2002 Board of directors to approve share exchange agreement June 27, 2002 Shareholder approval of share exchange agreement (ordinary general meeting of shareholders of UNISIA JECS) September 25, 2002 Delisting of UNISIA JECS from Tokyo Stock Exchange October 1, 2002 Exchange of shares