OKI and Hitachi Agree to Integrate Businesses Related to Automated Teller Machines (ATMs) and Other Automated Equipment

Oki Electric Industry Co., Ltd. , Hitachi, Ltd, and Hitachi Channel Solutions, Corp. (“Hitachi Channel Solutions”), today announced that we have agreed to enter into an agreement (“Integration Agreement”) regarding the business integration of their automated equipment businesses, including ATMs (“Business Integration”), as well as a shareholders’ agreement regarding the joint venture company established for this Business Integration (“Joint Venture Company”).

Pursuant to the Integration Agreement, OKI will transfer its business responsible for the development and production of automated equipment, including ATMs, to Hitachi Channel Solutions – a wholly-owned subsidiary of Hitachi – through the Absorption-type Split. Subsequently, OKI will acquire a portion of Hitachi Channel Solutions’ shares, thereby establishing it as a joint venture. The planned ownership ratio of the Joint Venture Company will be 60% for OKI and 40% for Hitachi.

Through this Business Integration, we will combine the business foundations – from development to manufacturing – that OKI and Hitachi Channel Solutions ...