Panasonic Electric Works to Establish a Manufacturing Joint Venture with Hilti of Liechtenstein to Strengthen Cordless Screwdriver Business
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Panasonic Electric Works Co., Ltd. (headquartered in Kadoma, Osaka; president: Koichi Hatanaka; hereinafter PEW) and Hilti Corporation (headquartered in Principality of Liechtenstein; Chairman: Prof. Dr. Pius Baschera; CEO: Bo Risberg; hereinafter Hilti) have come to an agreement to set up a manufacturing joint venture in Shanghai, China effective of January 2009.
The new company manufactures cordless screwdrivers for Hilti in Shanghai, China. PEW and Hilti who have been cooperating in the production of these products over 15 years decided to establish this joint venture to further increase the cost synergies in production and sourcing. The new company will be named Panasonic Electric Works Power Tools (Shanghai) Ltd.
The company plans to begin operation in early March 2009 with approximately 60 employees. A total of USD 2.1 million will be invested. PEW is going to invest 51% of the total shares, and Hilti is going to invest 49% by Hilti Asia, which is a subsidiary of Hilti Corporation.
Company Name: Panasonic Electric Works Power Tools (Shanghai) Ltd.
Business Description: Production of cordless screwdrivers for Hilti
Registered Capital: USD 2.1 million
Capital Composition: 51% by PEW@49% by Hilti by way of Hilti Asia
Company Address: No.258 Jiang Tian Dong Road Songjiang Industrial Zone Shanghai, 201613, China
Number of Employees: Approximately 60
Company Name: Hilti Corporation
Business Description: Technology leading products, systems, service for the professional construction industry
Company Address: 9494 Schaan, Principality of Liechtenstein
Representatives: Chairman, Prof. Dr. Pius Baschera; CEO: Bo Risberg
Number of Employees: Approximately 21,000
http:// www.hilti.com
http://panasonic-denko.co.jp/
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jamiehodin
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