August 17, 2005—Mitsubishi Heavy Industries, Ltd. (MHI) and Hitachi Air Conditioning Systems Co., Ltd., a Hitachi subsidiary, have announced that they have now agreed to cancel their previously announced basic agreement and to pursue multifaceted collaboration in those areas.
In June 2004, Hitachi, MHI and Hitachi Air Conditioning Systems reached a basic agreement that called for the integration of MHI’s Air-Conditioning & Refrigeration Systems Headquarters (excluding automobile thermal systems) and Hitachi Air Conditioning Systems as a new joint venture to be owned and operated jointly by Hitachi and MHI. Since then, the companies have actively concentrated on preparations toward the establishment of the JV firm. In the process, however, they concluded that rather than a full-scale tie-up, it would be more effective and efficient to establish collaborative relationships in specific areas of business.
Based on that conclusion, MHI and Hitachi have decided to cancel their basic agreement on the planned joint venture, and in its place they newly agreed to create a framework for multifaceted collaboration centered on commercial-use air-conditioning systems. Cooperation will encompass development, procurement, OEM supply, and related servicing.
