Acquisition of TCM Shares Expected to Strengthen Hitachi Construction Machinery Position in Wheel Loaders
2 Jul, 2003
Tokyo, July 3, 2003 — Hitachi Construction Machinery Co., Ltd. (TSE:6305) today announced the acquisition of 17,440,000 shares of TCM Corporation (TSE: 6374) by its wholly owned subsidiary Hitachi Kenki Loaders Co., Ltd. The shares were purchased from Hitachi Zosen Corporation (TSE: 7004).
Together with 12,500,000 TCM shares acquired earlier, this latest acquisition increases the total number of TCM shares owned by Hitachi Kenki Loaders to 29,940,000 and boosts the company’s ownership in TCM to 31.25%. The earlier share purchases, made in October 1999 and February 2000, were also from Hitachi Zosen, but were carried out indirectly through Hitachi Construction Machinery.
Hitachi Kenki Loaders has now become TCM’s dominant shareholder.
Hitachi Construction Machinery and TCM have an ongoing relationship as members of a three-company team, including Furukawa Co. Ltd., that has been working in close cooperation in the areas of R & D and production, and particularly toward the development of a universal wheel loader model.
Hitachi Construction Machinery and TCM are committed to strengthening ties between themselves and with their affiliates, especially in fields like construction equipment and industrial vehicles, and to moving aggressively forward with a bold global initiative aimed at expanding and reinforcing the businesses of both companies.
Share acquisition details
(1) Number of shares:
17,440,000 (acquired from Hitachi Zosen Corporation)
Hitachi Kenki Loaders Co., Ltd.
(3) Acquisition date:
July 3, 2003