Hitachi Metals, Ltd.: Notice Concerning Change of Trade Name

Rhea-AI Summary

Hitachi Metals, Ltd. will change its trade name to Proterial, Ltd. effective January 4, 2023, contingent upon the successful completion of a takeover bid by K.K. BCJ-52. This name change reflects the company’s commitment to growth and sustainability, highlighting a transition to a new capital partnership. The new name, Proterial, embodies the company’s philosophy of providing high-quality materials and services while promoting sustainability through its three pros: Professional, Progressive, and Proactive. Group companies will also adopt the new trade name around the same date.

Positive

• The name change to Proterial, Ltd. signifies a fresh start aimed at growth and sustainability.
• The rebranding aligns with a new capital partnership, potentially enhancing future business performance.

Negative

• None.

TOKYO--(BUSINESS WIRE)-- Hitachi Metals, Ltd. (hereinafter, the “Company”) hereby announces that it has been resolved at today’s board of directors’ meeting that the Company’s trade name will be changed as follows.

The above-stated change of trade name will be made on the condition that the takeover bid by K.K. BCJ-52 for which a public release was issued today is carried out successfully, and a subsequent range of procedures necessary for the change of the trade name, including partial revision of the Articles of Incorporation, are completed.

1. New trade name
   
   Proterial, Ltd.
   
   
2. Scheduled day of change of trade name
   
   January 4, 2023
   
   
3. Reasons for change of trade name
   
   The Company has its origin in Hitachi, Ltd., which was founded in 1910, and was spun off into an independent company in 1956. Since its original foundation, the Company has grown by providing the society with many unique products developed with its high technological capabilities. After a successful implementation of the Takeover Bid, the Company will accelerate its efforts toward further reform and growth in cooperation with the new capital partner, aiming to become a company “leading sustainability by high performance.” Taking an opportunity afforded by the planned capital reorganization, a step for its second independence, the Company will change its name to one befitting the new start for growth.
   
   
4. Thinking behind our company name
   
   “Proterial” reflects the essence of our corporate philosophy, which consists of three elements: Mission: “Make the best quality available to everyone;” Vision: “Leading sustainability by high performance;” and Values: “Unfaltering integrity” and “United by respect.” It combines “pro-” with the word “material.”
   
   “Pro-” represents our “three pros”:
   
   Professional — work that exceeds expectations
   Progressive — a spirit that keeps challenging
   Proactive — an enterprising attitude
   
   “Material” refers to the high-performance materials that our original technologies produce and which underpin the three pros. With our focus on solving customer issues and bringing new levels of value, we promise to contribute to the realization of a sustainable society through the products and services that embody our philosophy.
   
   
5. Change of trade name of group companies
   
   The trade name of the Company’s group companies whose current name includes “Hitachi” will be changed on January 4, 2023 in principle. However, some will be changed by January 3, 2023 when appropriate, or later than January 5, 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005322/en/

Akio Minami

Corporate Communications Dept.

Hitachi Metals, Ltd.

akio.minami.cq@hitachi-metals.com

Source: Hitachi Metals, Ltd.

FAQ

What is the new trade name for Hitachi Metals?

Hitachi Metals will change its trade name to Proterial, Ltd.

When will the trade name change occur for Hitachi Metals?

The trade name change will take effect on January 4, 2023.

Why is Hitachi Metals changing its trade name?

The name change is part of a strategy for growth and sustainability following a successful takeover bid.

What does the name 'Proterial' represent?

Proterial reflects the company's mission to provide high-quality materials and leadership in sustainability.

Will group companies also change their names?

Yes, the trade names of Hitachi Metals' group companies will also change around January 4, 2023.