In accordance with the agreement signed in December, 2018, Hitachi and ABB have announced the completion of all required procedures as planned, and the formation of Hitachi ABB Power Grids.
Hitachi has an 80.1 percent stake in this new joint venture entity (which has business volume of approximately US$ 10 billion) and ABB holds the balance. Toshikazu Nishino, Executive Vice President of Hitachi, is the Chairman of the new entity and Claudio Facchin the CEO. The new entity is headquartered in Zurich, Switzerland, and the current management team will ensure business continuity. The alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centers, besides providing financial muscle to support ambitious projects and enabling access to Japan.