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Friday, 30 August 2019, 15:50 HKT/SGT
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Source: Hitachi, Ltd.
FDC and Hitachi Signed Joint Venture Agreement for a New Water Solution Company

MANILA, Aug 30, 2019 - (JCN Newswire) - Gotianun family-led Filinvest Development Corporation (PHY:247771496, FDC) and Hitachi Aqua-Tech Engineering Pte. Ltd. (Hitachi Aqua-Tech), a subsidiary of Hitachi, Ltd. (TSE:6501) signed a joint venture agreement for a new water solution company to provide overall water solutions across the Republic of the Philippines.

FDC first gained experience through its existing water subsidiary, Countrywide Water Services, Inc. (CWSI), which distributes water to the various Filinvest real estate projects. "With the technical expertise of the Hitachi group and the nationwide reach of Filinvest, we look forward to solidifying our participation in the Philippines water industry," said FDC President and CEO L. Josephine Gotianun-Yap. "This partnership also complements our other investments in power and infrastructure," added Mrs. Yap.

Hitachi Aqua-Tech brings its over 40 years of experience in the water industry to the partnership. Its projects in desalination, sewage treatment, water recycling and water feature developments are located in the Asia Pacific regions, including countries in the Indian Ocean, Pacific islands, South America, Africa and the Middle East.

Hitachi and Hitachi Aqua-Tech will contribute to solving issues faced by clients and the society through developing water infrastructures such as water, sewerage, and seawater desalination systems by combining their track record and know-how of Operational Technology (OT) and products that have been cultivated over the course of many years, with Information Technology (IT) for which Hitachi possesses abundant experience and knowledge in diverse fields.

Hideshi Nakatsu, CEO, Water & Environment Business Unit of Hitachi, said "We are excited to join forces with the Filinvest group, share our expertise and provide much-needed water treatment solutions across the Philippines,". "We will continue to provide our water and sewerage solution that contribute to solving issues faced by clients and the society mainly for the Philippines and other Asian countries," added Mr. Nakatsu.

About Filinvest Development Corporation

FDC is one of the Philippines' leading conglomerates that focuses on the "middle market" segment of the country's economy, one which it believes is underserved and has continuing high growth potential. Throughout its four-decade long history, its businesses have been pioneers in their respective industries, fueling its overall growth. The Group's principal businesses comprise real estate, hospitality, banking and financial services, power, sugar and infrastructure. For the year ended December 31, 2018, FDC recorded consolidated revenues of Php73.313 billion (USD1.4 billion) and net income of Php13.424 billion (USD256.4 million).

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focusing on Social Innovation Business that combines information technology (IT), operational technology (OT) and products. The company's consolidated revenues for fiscal 2019 (ended March 31, 2020) totaled 8,767.2 billion yen ($80.4 billion), and the number of employees was approximately 301,000 worldwide. Hitachi delivers digital solutions utilizing Lumada in five sectors including Mobility, Smart Life, Industry, Energy and IT, to increase social, environmental and economic values of its customers. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111


Source: Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501)

Topic: Press release summary
Sectors: Enterprise IT, Const/Eng
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