Hitachi buys 64% more equity in PHL sales agent

Multinational firm Hitachi has acquired an additional 64-percent share in its Philippine sales agent for elevators and escalators to strengthen its foothold in Southeast Asia and neighboring regions. In a statement, Hitachi said it is acquiring new shares from Hi Eles Industrial Corp., its agent for sales, installation and maintenance of elevators and escalators in the Philippines for 40 years. This will give Hitachi a 84-percent share in the local company, which will be converted into a subsidiary and renamed as Hitachi Elevator Philippines Corp. Hitachi added it sees opportunity in the country's real estate sector. "The demand for elevators and escalators in the Philippines is expected to increase steadily from 2011 onwards, with a healthy annual growth rate outlook of approximately 5 percent ," it said. Hitachi is eyeing a 20-percent market share in the Philippines by 2012. It is also looking at building a new plant near its existing plant in Bangkok, Thailand which will produce an additional 5,000 units a year for the country’s Southeast Asia, India and the Middle East markets. —JMT/VS, GMA News