Hitachi Construction Machinery Co., Ltd. (Tokyo Stock Exchange, First Section)(“HCM”) announced that it will expand its mining business, particularly in resource rich regions of the world.
HCM has made a strategic investment and purchased a significant interest in Wenco International Mining Systems, Ltd. (“Wenco”). Wenco is a leading producer of fleet management systems and an innovator of technology to improve mine operation efficiency.
Michijiro Kikawa, the President and CEO of HCM, stated, “Major mining companies today focus on increased productivity and safety. They demand a system that would monitor the operations of mining equipment, maintain such equipment and manage its productivity. By working with Wenco hand-in hand, HCM will strengthen its mining business even more than it has by offering both software and hardware desired in the business.”
Phil Walshe, the President and CEO of Wenco, stated, “This investment by Hitachi will provide Wenco with a new and strong corporate foundation that will significantly increase our opportunity to provide customers with a high level of product support and enhanced technical service. The new entity will combine Wenco’s leading expertise in fleet management systems and software development with Hitachi’s long experience in the manufacturing and maintenance of mining equipment. The mining industry continues to need evolving technology solutions to improve operating efficiencies and manage costs and I believe the new Wenco/Hitachi team will be a key player in delivering those solutions in the years to come.”