Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict
Japanese multinational conglomerate Hitachi has decided to suspend its business operations in Russia in response to the country’s invasion of Ukraine.
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The company has temporarily paused all its manufacturing activities in the country, as well as halting exports to it.
It will, however, continue to provide products, services and support for electrical power equipment that is deemed ‘essential’ to citizens’ daily lives.
Hitachi said that its business in the Russian market accounts for 0.5% of its consolidated revenues forecast for the 12 months to March 2022, which amount to JPY10tn ($86bn).
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Of this, more than 50% is generated from construction machinery.
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By GlobalDataHitachi Group’s US subsidiary, GlobalLogic, has been shifting employees and their families to safer locations in Ukraine and across the border.
The company operates engineering hubs in Ukraine and said it is ‘working to get operations back to normal status’.
In a statement, Hitachi Group said: “Hitachi Group considers the safety and health of all employees and their families as its top priority.
“In Ukraine, the company is engaged in various activities to realise this goal and hopes that peace will return as soon as possible.”
Hitachi said it does not expect the Russia-Ukraine conflict to make a significant impact on its consolidated earnings forecast for the fiscal year to this month.
The company added that if the current situation impacts its future earnings, any impact will be disclosed ‘promptly’.
Last July, Hitachi ABB Power Grids commissioned a +/-800kV, 6,000MW transmission link for Indian energy company Power Grid Corporation of India.
The transmission line connected two Indian cities, Raigarh and Pugalur, and is said to be one of India’s longest ultra-high voltage direct current transmission links.
It is designed to transmit electricity in either direction depending on demand while wasting as little power and contributing as little damage to the environment as possible.
Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict
