Japan based Hitachi, Ltd. has acquired London based Temple Lifts Ltd. to enter the European elevator/lift market. Hitachi will be leveraging Temple Lifts’ sales channels, knowledge, existing know-how and technology, and existing maintenance contracts (approx. 5000) to initiate its entry.
According to Hitachi’s press release, it has been expanding its elevator business in China, India, Middle East and other Asian countries including Myanmar, Indonesia, Vietnam and Cambodia in the recent years. According to Hitachi, the European market accounts for 30% of the global share of the lift market.
About Hitachi Ltd.
Hitachi is a Tokyo based Japanese conglomerate that operates in diversified spaces including IT & Telecommunication, Social Infrastructure, Component Materials, Financial Services, Power Systems, Electronic Systems & Equipment, Automotive Systems, Railway & Urban Systems, Digital Media & Consumer Products and Construction Machinery. In end of March, 2016, Hitachi’s revenue was US$ 88.8 Billion and employed approximately 335,000 employee worldwide.
About Temple Lifts Ltd.
Temple Lifts was founded in 1989 and is based in Bromley, United Kingdom. It provides installation, maintenance and repair services for lifts in the United Kingdom market. According to its website, in 2015 its has 120 employees, had $14 Million in sales and had serviced more than 5,000 lifts.