Hitachi Establishes a Joint Venture for Elevators & Escalators in Cambodia
Hitachi, Ltd. (TSE: 6501) today announced the establishment of Hitachi Elevator (Cambodia) Co., Ltd. in Phnom Penh City, the capital of the Kingdom of Cambodia, to primarily stimulate sales and services of elevators and escalators in the country. Hitachi Elevator Cambodia is a joint venture between Hitachi, Siam-Hitachi Elevator Co., Ltd., the local subsidiary of Hitachi’s elevator and escalator business in the Kingdom of Thailand, and CMED Group Co., Ltd. in the Kingdom of Cambodia. Hitachi Elevator Cambodia fosters engineers at the Asia Training Center, which was established by Hitachi and Hitachi Building Systems Co., Ltd. in January 2017 in Thailand. The company will provide safe, high-quality products and services to Cambodia and contribute to rich and comfortable living environments.
Currently infrastructure development in Cambodia is rapidly progressing, including roads and electricity network, which are indispensable to development of the country. The GDP growth rate of Cambodia is expected to be more than 7% per year until 2020. In addition, investments from overseas are centered on the manufacturing industry and real estates. The demand for elevators and escalators in urban areas is also expected to expand at more than 10% a year.
Since Hitachi delivered escalators to Cambodia in 1982, it has provided sales, installation, and maintenance services for high-quality elevators and escalators through Siam-Hitachi, including the case in 2014 when Hitachi delivered elevators and escalators for Royal Phnom Penh Hospital, one of the largest hospitals in Cambodia. Moving forward, in addition to sales to Cambodian customers, Hitachi will put efforts into sales for projects in the country by foreign companies, including Japanese-owned companies. Hitachi will aim to expand its shares in the elevator and escalator market in Cambodia, and accelerate the expansion of the business in Asia.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s challenges with our talented team and proven experience in global markets. The company’s consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes power & infrastructure systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, healthcare and others. For more information on Hitachi, please visit the company’s website at www.hitachi.com.