Yungtay Becomes a Wholly Owned Subsidiary, to Be Renamed Hitachi-Yungtay Elevator
The acquisition has been implemented through a share exchange ("the share exchange") at TWD65.1 per share (approximately 285 yen(1)), making Yungtay a wholly owned subsidiary of Hitachi.
- The acquisition has been implemented through a share exchange ("the share exchange") at TWD65.1 per share (approximately 285 yen(1)), making Yungtay a wholly owned subsidiary of Hitachi.
- Prior to the share exchange, Hitachi held 71.1% of the total number of outstanding shares in Yungtay, including those held by its wholly owned subsidiaries.
- Moreover, at the Board of Directors meeting of Yungtay held today, Yungtay passed a resolution to change its company name to Hitachi-Yungtay Elevator Co., Ltd. ("Hitachi-Yungtay Elevator").
- Yungtay was founded in 1966 and is the largest company in the elevator and escalator business in the Taiwan region.