Hitachi Metals Enters Business Collaboration with Taiwanese Special Steel Maker

Hitachi Metals announced on Tuesday the firm enters business partnership with Gloria Material Technology Corporation, Taiwanese high grade special steel maker, for mutual collaboration in production, sales, technology and investment. The two companies also start talks on Hitachi Metals’ share acquisition in Gloria Material Technology. They will conclude talks and make the final decision in April-June 2012.

Hitachi Metals has advantages in high functional and high quality products, technologic services, new product development and well-established brand power. Gloria Material Technology has organized overseas sales network and strengthened price competitive power. The both companies expect synergistic effects by the collaboration. In China and Southeast Asian emerging countries, demand has healthily increased for high quality special steels adopted to automobiles, airplanes or energy plants.

Gloria Material Technology was established in April 1993. The company produces stainless steels, high corrosion resistant alloys, high speed tool steels, alloy tool steels and titanium alloys. The products are supplied to airplane makers, energy plant engineering companies and other major players in Europe and Asia. The capital fund is NT$ 4.039 billion. The consolidated revenue was NT$ 8.483 billion in 2010 with 1,605 employees.