Notice of Subsidiary Name Change
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Tokyo, April 24, 2020 - Mitsubishi Heavy Industries, Ltd. (MHI) consolidated subsidiary, Mitsubishi Hitachi Power Systems, Ltd. (MHPS), at a meeting of its Board of Directors held on April 24, decided to change its corporate name as follows.
1. Overview of the Subject Subsidiary
| (1) Corporate Name: | Mitsubishi Hitachi Power Systems, Ltd. |
|---|---|
| (2) Head Office: | 3-1, Minatomirai 3-chome, Nishi-ku, Yokohama, Kanagawa |
| (3) President and CEO: | Ken Kawai |
| (4) Business Description: | Design, manufacture, sales, installation, and engineering for turbines, boilers, other motors, generators and electrical equipment, control systems, and environmental systems |
| (5) Capital: | 100 billion yen |
| (6) Establishment: | June 17, 2013 |
2. Reason for Change
As announced in “Settlement Agreement Concluded with Hitachi in Relation to South African Projects” (December 18, 2019), Hitachi, Ltd. (Hitachi) will transfer the shares it holds in MHPS to MHI. Following the transfer, MHPS will become a wholly-owned subsidiary of MHI, and so will change its corporate name.
3. New Corporate Name
Mitsubishi Power, Ltd. (Japanese: 三菱パワー株式会社)
4. Scheduled Date of Change
MHPS will change to its new corporate name upon completion of the transfer of MHPS shares from Hitachi to MHI.
Regarding the timing of the share transfer, as presented in “Schedule For Transfer of MHPS Shares” released separately today, MHI will make an announcement once the outlook for the transfer is discernable.