Hitachi Ltd., Fuji Electric Co. and Meidensha Corp. said Tuesday they have agreed to form an alliance for the transmission and distribution of electric power to enhance their global competitiveness in this area.
As part of the union, the three companies will set up a joint venture in July to develop, design and manufacture transformers and transmission equipment.
Details of the venture have yet to be decided, although the three companies have decided it will be staffed by around 2,000 and that annual sales will be targeted at around 150 billion yen, the companies said.