Hitachi Transport System, Ltd. (TSE: 9086) (President and CEO: Yasuo Nakatani; "Hitachi Transport System") and Hitachi Capital Corporation (TSE: 8586) (President & CEO: Seiji Kawabe; "Hitachi Capital") hereby announce that today we have concluded a business alliance agreement to realize new innovation through "Finance, Commerce, Logistics, and Information." as announced in a news release dated March 30, 2018.
1. Particulars of the business alliance
Hitachi Transport System and Hitachi Capital will promote various measures toward realization of new innovations through "Finance, Commerce, Logistics, and Information" by expanding collaborative innovation areas across businesses and industries, while especially focusing on enhancement of finance and logistics as a function. We will jointly pursue various measures, including an effort to offer a total solution package that incorporates vehicle leasing with insurance, maintenance, and joint procurement function in a management system of "Smart & Safety Connected Vehicle (SSCV)" which Hitachi Transport System and Hitachi Capital Auto Lease Corporation, a member of the Hitachi Capital Group, are working on with collaborative innovation partners.
As part of the business alliance, we plan to transfer 40% of shares of Hitachi Auto Service Co., Ltd., a wholly owned subsidiary of Hitachi Transport System, to Hitachi Capital to further expand business by strengthening cooperation between the Vehicle Solution business* promoted globally by Hitachi Capital and vehicle-related business (sales, leasing, maintenance, etc. of vehicles) of Hitachi Transport System.
* A business model that addresses the needs of customers by providing not only vehicle-related finances but comprehensive solutions combining various services including maintenance and insurance, etc.
