Hitachi Industries Co. took over the transmission operations of Niigata Engineering Co., which is undergoing restructuring, and launched a new firm to handle the business last month, the company said.
The new subsidiary, to be located in Saitama, Japan, will be a wholly owned unit of Hitachi Industries. Capitalized at US$3.75 million, it will begin operations April 1, producing and selling midsize transmissions for boats and construction equipment. The new subsidiary has targeted sales of US$85.9 million in fiscal 2003.
Hitachi Industries currently produces large transmissions for use in thermal power generators. In the future, all transmission business is to be concentrated in the new firm.
