MANILA, Aug 30, 2019 - (JCN Newswire) - Gotianun family-led Filinvest Development Corporation (PHY:247771496, FDC) and Hitachi Aqua-Tech Engineering Pte. Ltd. (Hitachi Aqua-Tech), a subsidiary of Hitachi, Ltd. (TSE:6501) signed a joint venture agreement for a new water solution company to provide overall water solutions across the Republic of the Philippines.
FDC first gained experience through its existing water subsidiary, Countrywide Water Services, Inc. (CWSI), which distributes water to the various Filinvest real estate projects. "With the technical expertise of the Hitachi group and the nationwide reach of Filinvest, we look forward to solidifying our participation in the Philippines water industry," said FDC President and CEO L. Josephine Gotianun-Yap. "This partnership also complements our other investments in power and infrastructure," added Mrs. Yap.
Hitachi Aqua-Tech brings its over 40 years of experience in the water industry to the partnership. Its projects in desalination, sewage treatment, water recycling and water feature developments are located in the Asia Pacific regions, including countries in the Indian Ocean, Pacific islands, South America, Africa and the Middle East.
Hitachi and Hitachi Aqua-Tech will contribute to solving issues faced by clients and the society through developing water infrastructures such as water, sewerage, and seawater desalination systems by combining their track record and know-how of Operational Technology (OT) and products that have been cultivated over the course of many years, with Information Technology (IT) for which Hitachi possesses abundant experience and knowledge in diverse fields.
Hideshi Nakatsu, CEO, Water & Environment Business Unit of Hitachi, said "We are excited to join forces with the Filinvest group, share our expertise and provide much-needed water treatment solutions across the Philippines,". "We will continue to provide our water and sewerage solution that contribute to solving issues faced by clients and the society mainly for the Philippines and other Asian countries," added Mr. Nakatsu.
About Filinvest Development Corporation
FDC is one of the Philippines' leading conglomerates that focuses on the "middle market" segment of the country's economy, one which it believes is underserved and has continuing high growth potential. Throughout its four-decade long history, its businesses have been pioneers in their respective industries, fueling its overall growth. The Group's principal businesses comprise real estate, hospitality, banking and financial services, power, sugar and infrastructure. For the year ended December 31, 2018, FDC recorded consolidated revenues of Php73.313 billion (USD1.4 billion) and net income of Php13.424 billion (USD256.4 million).
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Contact:
Hitachi Ltd Corporate Communications Tel: +81-3-3258-1111
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