TOKYO (dpa-AFX) - Friday, Hitachi Energy, a subsidiary of Hitachi, Ltd. (HTHIY.PK), announced plans to invest C$479 million, equivalent to more than $330 million, in its North American insulation and components business by constructing a new, state-of-the-art Transformer Insulation Factory in London, Ontario, Canada.
To support this initiative, the Canadian government has announced a C$20 million investment through the Strategic Response Fund, the Government of Ontario has announced an investment of up to C$20 million through the Invest Ontario Fund, and Natural Resources Canada has provided an additional C$10 million to Hitachi Energy Canada Inc.
Expected to be completed by 2028, the facility will feature Canada's first pressboard manufacturing line and Hitachi Energy's first in the Americas.
'By investing in the critical infrastructure needed to power our future, we are supporting economic growth, creating good-paying jobs, and strengthening Canada's economic security,' said the Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions.
Hitachi's stock closed trading at $35.74, down 1.24 percent on the OTC Markets.
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