Hitachi, Ltd. and Omron Corporation announced the outline of a joint venture for combining their ATM and other information equipment businesses. The outline is based on an agreement between the two companies that was reached on Jan. 26, 2004.
The new company, to start operations on Oct. 1, 2004, will be called Hitachi-Omron Terminal Solutions, Corp. and will be responsible for the planning, development, manufacture, and sales of ATMs and other self-service machines, terminal systems, and other information equipment, as well as for the modules and solutions businesses.
To ensure that the allocation ratio is fair and appropriate, Hitachi and Omron each asked third parties to examine the value of their respective business to be separated. Based on discussions by the two companies concerning the results of these examinations, Hitachi and Omron agreed on a ratio of 55:45, respectively.
Appointed directors of the new company include Chairman of the Board Kunihiro Kamiya (general manager, E-Solutions Division of Hitachi's Information & Telecommunication Systems); President & CEO Akihiko Otani (senior managing Officer of Omron, president of Financial Systems Business Company); Director and Vice President Tetsuji Shimojou (general manager, Mechatronics Systems Division of Hitachi's Information & Telecommunication Systems); Director Tadao Tateisi (senior managing director of Omron); and Director Masahiro Hayashi (executive officer, CEO of Hitachi's Information & Telecommunication Systems).
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