Tag: Yungtay
Yungtay Becomes a Wholly Owned Subsidiary, to Be Renamed Hitachi-Yungtay Elevator
Hitachi, Ltd. (TSE: 6501, “Hitachi”) today announced that the acquisition of all the outstanding shares of Yungtay Engineering Co., Ltd. (“Yungtay”), a Taiwan-based subsidiary engaged in the manufacture, sale, and service of elevators and escalators, with a view to strengthening its elevator and escalator business base in the People’s Republic of China (“China”) and other parts of Asia. The acquisition has been implemented through a share exchange (“the share exchange”) at TWD65.1 per share (approximately 285 yen(1)), making Yungtay a wholly owned subsidiary of Hitachi. Prior to the share exchange, Hitachi held 71.1% of the total number of outstanding shares ... Read more