Hitachi Construction Machinery

Global

Changing the name of Euclid-Hitachi Heavy Equipment Ltd.

24 Dec, 2003

Hitachi Construction Machinery Co. Ltd. of Tokyo, Japan and Euclid-Hitachi Heavy Equipment, Ltd., of Guelph, Ontario Canada, announce today to change the name of Euclid-Hitachi Heavy Equipment Ltd., to Hitachi Construction Truck Manufacturing Ltd.,effective January 1, 2004.

Hitachi Construction Machinery Co., Ltd., further strengthens their commitment to providing quality products to the Mining, Construction and Quarry business community by changing the name.

Hitachi Construction Truck Manufacturing Ltd. facility in Guelph, Ontario will produce rigid haul trucks with a load capacity of less than 140T. Rigid haul trucks of greater than 140T will be produced by Hitachi Construction Machinery Co., Ltd. in their production facilities in Japan.

This name change solidifies the full integration of rigid haul trucks into the Hitachi Construction Machinery Co. Ltd. product line. This change will further communicate Hitachi’s ongoing commitment of quality to our customers and potential customers in the mining, construction and quarry industries.

In addition to this name change, announcing a new born Hitachi Construction Truck Manufacturing Ltd., we also have developed the world’s largest AC drive rigid haul truck ( 500m kg. GMW). User testing is coming to an end after one year of favorable results and customer reception. We anticipate a Spring 2004 launch following our production preparations.

The merging of trucks and excavators into a consolidated product offering will further strengthen Hitachi Construction Machinery’s presence in the marketplace. This strategic change reinforces Hitachi’s ongoing commitment to the rigid haul truck business. This commitment by Hitachi is supported by the efforts of the staff at Hitachi Construction Truck Manufacturing Ltd. through their dedication to ongoing productivity and quality improvement initiatives.

For further information regarding this announcement, please contact Walter Fox, Chief Operating Officer, at 519-826-5549.

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