Hitachi to seek active European elevator company M&A opportunities, says executive
Hitachi [TYO:6501] plans to pick up the pace on seeking M&A deals in Europe, targeting companies engaged in the elevator-related business, after the acquisition of UK-based elevator company Temple Lifts announced in April, the Nihon Keizai Shimbun reported on its website.
The Japanese company ranks No. 5 among global elevator companies, and plans to extend its elevator business worldwide to gain more world market share through acquisitions, the newspaper report said, citing Hiroshi Sato, Hitachi's senior vice president and executive officer.
The plan was disclosed by Sato today as he talked in a meeting with analysts and investors in Tokyo, according to the report.
Sato plans to increase annual revenue at Hitachi's building systems business unit, a division including the elevator business, to at least JPY 800bn (USD 7.2bn) in the year ending March 2022, an increase of almost 40% from the year ended March 2017, the newspaper report said.
The company is now considering several acquisitions of European companies with a deal size of about JPY 10bn each, the report added.