Hitachi updates Swiss Ambassador to Japan on ABB purchase

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A large ABB power transformer ©Hitachi ABB Power Grids, Ltd.

The visitors from Hitachi briefed the Ambassador and his team about the company fully completing the acquisition of power grid businesses from Zurich-based ABB, Ltd. on 1 July. Ambassador Paroz thanked the Hitachi delegation for their commitment to keep the Swiss embassy updated on this historic acquisition and congratulated them for completing the process. Referring to economics being the driving factor for Switzerland to seek diplomatic relations with Japan in 1862, Ambassador Paroz characterized this transaction between Hitachi and ABB as a significant example of the bilateral partnership between Switzerland and Japan in the 21st century.

According to the two companies, Hitachi acquired 80.1% stake in the power grids business for $6.85 billion, in what is without doubt one of the largest Japanese foreign direct investments in Switzerland. Trade and investment data from Japan’s Ministry of Finance shows that inbound Swiss FDI by Japan more than tripled from 2018 to 2019, when Hitachi’s acquisition began in full throttle. In yen terms, Switzerland also became the ninth largest destination of outbound Japanese FDI in 2019.