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Hitachi and Omron Agree to Establish Joint Venture in the Field of ATMs

Monday 26 January 2004 08:23 CET | News

Hitachi and Omron Corporation have establish a joint venture combining their ATM and other information equipment businesses to strengthen their capability to respond to the diversification and enhancement of customer needs domestically, as well as strengthening the business structure in China among other overseas growth markets..

Aiming for a globally competitive position, in an information equipment market expected to see growth during the ubiquitous era, the new company will fulfill broad customer needs by providing optimal solutions based on recognition and handling technologies for cash, cards, passbooks, forms, etc. and other human interface technologies that enable simple operation for customers and end-users. The joint venture company is scheduled to be established and commence business on October 1, 2004. Hitachi and Omron will take advantage of the joint establishment division under the Commercial Code of Japan to create a company that will integrate the total business of Hitachis Ubiquitous Platform Group Mechatronics Systems Division, such as ATMs among other self-service machines and terminal systems together with the ATM and other self-service machines, modules and solutions handled by Omrons Social Systems, Solutions, & Services Business Company and Advanced Modules Business Company. In the Japanese financial market, characterized by diverse and enhanced services, user needs concerning safety and security are ever increasing. To that end, financial institutions demand greater enrichment of customer services, ATMs that can operate in a variety of different environments with a broad range of services, and robust security and functionality. For instance, with the arrival of the ubiquitous era it is anticipated that ATMs even in off-site locations will offer transportation reservation services and public services among numerous non-financial related services in one place. In China, meanwhile, recent expansion of the market-based economy has led to a diversification of financial services. Moreover, financial infrastructure development has escalated ahead of the 2008 Olympic games in Beijing and 2010 Shanghai World Expo. Under these circumstances, highly functional ATMs utilizing technologies from both companies are anticipated to become widespread. Hitachi and Omron initially formed an ATM joint development alliance in 2000. However, in response to the changes in the global business environment and to take advantage of opportunities for market growth, they have reached an agreement to expand the alliance by establishing a joint venture company. This new company will not only combine the superior technologies of both companies, but by building on a global scale a more efficient operation structure incorporating everything from development to production, sales and maintenance, they will be able to unleash each of their core strengths to the fullest extent possible, thus satisfying broad customer needs. The location of the headquarters for the new company is expected to be in Tokyo. Details of the new company will be discussed by both companies and reported as soon as agreement is reached


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce