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4-Traders Homepage  >  Equities  >  Tokyo  >  Hitachi, Ltd.    6501   JP3788600009

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Hitachi, Ltd. : MOU to Start Exclusive Negotiations on Supply of Proton Beam Therapy System to Hospital No. 63 in Moscow, Russia

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12/26/2013 | 04:02am CEST

Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.

MOU to Start Exclusive Negotiations on Supply of Proton Beam
Therapy System to Hospital No. 63 in Moscow, Russia

Tokyo, December 26, 2013 --- Hitachi, Ltd. (TSE:6501) today announced that it has signed a memorandum of understanding (MOU) with Group of Companies European Medical Center (GEMC) in the Russian Federation,on the supply of a proton beam therapy system to hospital No. 63 in Moscow. Based on the MOU, Hitachi and GEMC will enter into exclusive negotiations with the aim of reaching a formal contract by the end of March 2014.

The irradiation of tumors with beams of accelerated particles (protons or carbon ions) has become recognized as a new form of cancer treatment. With a high incidence of cancer comparable to Japan or Europe, Russia is planning the construction of a number of new particle beam therapy facilities to strengthen its capabilities for treatment of the disease.

Backed by more than 20 years of history and tradition in Moscow, GEMC is one of the largest private medical service companies in Russia, operating 24-hour emergency clinics, pediatric hospitals, and women's hospitals at 5 locations in Moscow. The company is growing by creating private medical facilities, and providing them modern medical management and services in Moscow.

In April 2013, Hitachi entered into a strategic partnership with GEMC and the Budker Institute of Nuclear Physics (BINP) aimed at promoting the construction of hadron therapy systems in Russia. The new MOU announced today represents the first project to be initiated under this partnership. In addition to collaborating on construction through the supply of technical documents and other resources required for the building design, Hitachi will also be entering into exclusive negotiations toward a formal contract for supply of the system. It is expected that the contract will be signed by the end of March 2014.

Hitachi started developing proton beam therapy systems approximately 20 years ago. The technology has earned widespread recognition as an effective cancer treatment, with systems having been supplied to the University of Tsukuba and Nagoya Proton Therapy Center in Japan. Outside Japan, Hitachi has supplied a system to the MD Anderson Cancer Center in the USA, one of the world's largest specialist cancer hospitals. Particle beam therapy systems for Hokkaido University and three well-known clinics in the USA are currently under construction.

In addition to making an ongoing contribution to the wider adoption of advanced radiation therapy and other cancer treatments through the supply of particle beam therapy systems that incorporate leading-edge technologies such as spot scanning, Hitachi is also committed to the global operation of its healthcare and other social innovation businesses.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 326,000 employees worldwide. The company's consolidated revenues for fiscal 2012 (ended March 31, 2013) totaled 9,041 billion yen ($96.1 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional material & components, automotive systems and others.http://www.hitachi.com.

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Financials ( JPY)
Sales 2017 9 147 835 M
EBIT 2017 562 500 M
Net income 2017 225 819 M
Debt 2017 2 255 162 M
Yield 2017 2,76%
P/E ratio 2017 9,90
P/E ratio 2018 8,37
EV / Sales 2017 0,49x
EV / Sales 2018 0,46x
Capitalization 2 252 394 M
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Number of Analysts 17
Average target price 639  JPY
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Toshiaki Higashihara Chief Executive Officer
Hideaki Seki President & Chief Operating Officer
Hiroaki Nakanishi Chairman
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Yutaka Saito Representative Executive Officer
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