Hitachi Takes Total Holding of Elevator Company Yungtay

Tokyo-based Hitachi has all of the remaining holdings of Yungtay Engineering Co., Ltd., meaning the Taiwan-led company will engage in the manufacture, sale and service of elevators and escalators in a view to strengthen its business in China and across other areas in Asia, MarketScreener reported in April. The deal gives Hitachi full ownership of Yungtay and, under a board of directors, the overseen company will be known as Hitachi-Yungtay Elevator Co., Ltd. The company name change is planned to be officially announced in June. Yungtay was founded in 1966 and is the largest company in the elevator and escalator business in the Taiwan region. It is also one of the major suppliers of elevators and escalators in mainland China, particularly for apartment buildings. Shortly after its founding, Yungtay joined into partnership with Hitachi. In the deal, Hitachi obtained the final 28.9% of the Yungtay holdings. The company moves were initially reported in October 2021.