TOKYO — Japanese electronics conglomerate Hitachi Ltd and sensors-to-switches maker Omron Corp will integrate their ATM manufacturing operations in a joint venture aimed at creating the world's fourth biggest ATM maker.
"Through the integration, we will further strengthen our position as a top ATM vendor at home and expand our share of the global market," a Hitachi spokesman said in a Reuters report.
The companies also have their sights set on the burgeoning ATM market in China, the spokesman said.
The joint venture, to be formed on Oct. 1, is expected to have sales of about 80 billion yen (U.S. $750 million) in the year to March 2005, holding about eight percent of the global ATM market.
NCR is the world's top ATM manufacturer with 25 percent of the market, followed by Diebold and Wincor Nixdorf.
The investment ratio and other details of the joint venture will be worked out at a later date, the Hitachi spokesman said.
With annual ATM sales of nearly 70 billion yen (U.S. $659 million), Hitachi is Japan's top maker of the machines, with a domestic market share of 25 percent.
Omron is implementing extensive restructuring measures, including staff cuts, after a sharp decline in sales and earnings in the year to March 2002, according to Reuters.
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Hitachi, Omron to combine ATM operations
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