Hitachi Energy sells off its Russian assets, completely exits market
The joint venture Hitachi Energy has completed the sale of its assets in Russia to the local management.
While the press statement released by the company does not name any figures, it calls the deal "the best option for employees and clients in Russia".
The company has noted, that it completely withdrew from the Russian market, stating, that the new venture will work independently in several locations throughout the country and will be capable of leading the operations with the experience of the local personnel. "The relationship between Hitachi Energy and the new company will be built as between two independent legal entities".
Hitachi Energy is a joint venture between Japanese Hitachi and Swedish-Swiss ABB Ltd. It was established in 2020 on the basis of the electric grid business of ABB. In late 2022, ABB sold its stake to the venture and Hitachi received a 100% stake in the company.