Hitachi, Fuji Electric and Meidensha Corp. Establish Joint Venture

Hitachi Ltd. (Tokyo, Japan), Fuji Electric Co. Ltd. (Tokyo), and Meidensha Corp. (Tokyo) announced that they have agreed to establish a joint venture company, to be designated Japan Motor and Generator Co. Ltd. on July 3, 2000. The new joint venture will gather the three companies' world-leading technical abilities in the fields common to high-voltage motors and small- to medium-capacity generators such as isolation, cooling, and production technology. As a result, they hope to accelerate development speed, enhance cost competitiveness, and respond to the intense price competition posed by rival manufacturers.The three companies also agreed to consider expanding the scope of their cooperation to include alliances for the manufacture of high-voltage motors and small-to-medium capacity generators.