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ABB, Hitachi to set up joint venture in Japan

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December 16
2:23 AM 2014

Swiss engineering group ABB (ABBN.VX) said on Tuesday it had agreed to set up a joint venture with Hitachi (6501.T) to market high-voltage direct current (HVDC) power transmission equipment in Japan.

Hitachi and ABB will take equity interests of 51 percent and 49 percent respectively in the joint venture, the Swiss company said in a statement.

The joint venture is expected to get underway in the coming months, subject to the necessary approvals and statutory procedures.

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