TOKYO (dpa-AFX) - Hitachi, Ltd. (6501.T), on Wednesday, said the company has agreed to transfer all shares held in Mitsubishi Hitachi Home Elevator, Ltd. to joint-venture partner Mitsubishi Electric Building Solutions Corp., a subsidiary carved out from Mitsubishi Electric Corp. (6503.T).
The financial transactions were not disclosed.
The deal is expected to be completed in the first quarter of the fiscal year ending March 2027.
The company said the impact on consolidated financial results is expected to be minimal.
The share transfer aligns with Hitachi's 'Inspire 2027' management plan, which focuses on improving cash flow, optimizing capital allocation, and accelerating portfolio transformation.
Hitachi Building Systems will continue to provide support and maintenance services for home elevators already delivered by Hitachi and under existing contracts until each contract expires.
The company said next-generation solutions under 'HMAX for Buildings: BuilMirai' will leverage operational data, inspection records accumulated over the past 30 years, and advanced AI to improve maintenance quality and operational efficiency.
Hitachi is currently trading 0.33% lesser at JPY 5,180 on the Tokyo Stock Exchange.
Mitsubishi Electric is currently trading 0.22% lesser at JPY 4,960 on the Tokyo Stock Exchange.
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