Hitachi - Company History

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Financial history 1955–2026 — revenue, cost structure, balance sheet, cash flow and key ratios, year by year →

Founded 1910
Founder Odaira Namihei
Founding location 茨城県多賀郡
Core business at founding Repairing motors for a mine, and making them domestically
Listed 1949
President & CEO Tokunaga Toshiaki President & CEO since 2025 (age 59, as of 2026)
Current priority M&A · Business restructuring Raising the Lumada share towards eight-tenths and expanding the energy business
Founding
In 1910, at the repair works attached to the Hitachi copper mine of the Kuhara Mining Partnership, Odaira Namihei completed a five-horsepower induction motor of wholly domestic manufacture. Odaira, whose work had been the repair of imported electrical machinery, held that rather than go on paying royalties abroad the company should put the same sum into research of its own, and he avoided technical alliances and carried the domestic production of motors by his own hand. In February 1920 the business became independent as Hitachi, Ltd., holding both the Hitachi and Kameido plants, and the following year, 1921, it took over the Kasado shipyard from Nihon Kisen and widened into rolling stock. In May 1937 it absorbed Kokusan Kogyo, adding the Totsuka plant and six others, and grew from a repair shop attached to a mine into a maker holding heavy electrical machinery and rolling stock together.
The Decision
At each crisis Hitachi swapped the very composition of the businesses it held. The first time was 1950. After a dispute that stopped production for sixty days and a retrenchment of 8,500 people, a company that trailed Toshiba and Mitsubishi Heavy Industries in thermal power tied up with RCA in 1952, General Electric in 1953 and Western Electric in 1954 — three years running — and withdrew the forty-year-old principle of home-grown technology it had held since the founding. It took in the foundations of television, generators and semiconductors in a single sweep, and by 1959 the industry acknowledged that it had overtaken Toshiba in heavy electrical machinery. The second time was 2009. When the collapse after Lehman produced a net loss of $8.4B (¥787bn) in the year to March 2009, the largest ever recorded by a Japanese manufacturer, Kawamura Takashi, brought back to the parent from the chairmanship of a subsidiary, began selling loss-making businesses on the back of a capital raising and an in-house company system. Dropping the premise that the full product range of a general electrical maker had to be defended is what turned the swapping of businesses into everyday management.
Today
Hitachi today is not a general electrical maker: energy and IT account for just under six-tenths of revenue. In the year to March 2026 consolidated revenue was $66.9B (¥10.59tn) and operating profit $8.0B (¥1.27tn), with Energy selling $20.2B (¥3.2tn) and Digital Systems & Services $17.4B (¥2.76tn). The largest segment profit was the $2.8B (¥450bn) of Digital Systems & Services. This shape is the outcome of the unwinding of the parent-child listings that ran from 2016. Hitachi Transport System, Hitachi Chemical, Hitachi Construction Machinery and Hitachi Metals were sold, and of the 22 listed subsidiaries the group held in the early 2010s almost none remain. The capital thus freed was put into the power grids business of ABB at about $6.7B (¥720bn) in 2020 and into the roughly $9.1B (¥1tn) acquisition of GlobalLogic of the United States in 2021. Moving the selling and the buying at the same time is what narrowed a product range that once ran down to home appliances into the two fields of transmission and distribution and digital.
Competition
Among general electrical makers, whether a company held on to its listed subsidiaries or let them go divided the scale of the survivors a decade later. Of Hitachi, Toshiba and Mitsubishi Electric, which stood together as the three great makers after the war, Hitachi’s revenue of $66.9B (¥10.59tn) in the year to March 2026 is about 1.8 times that of Mitsubishi Electric. The gap showed less in the merit of the products than in how the capital structure of the group was handled. Mitsubishi Electric kept the autonomy of its individual works, while Hitachi handed 22 listed subsidiaries to the market and to funds and applied the proceeds to acquiring ABB’s grids business and GlobalLogic. Toshiba raised the same banner of selection and concentration in the same period, but its acquisition of Westinghouse in 2006 turned into a loss of more than $8.9B (¥1tn), and its disposals of assets were spent filling that hole. Whether the proceeds of a sale could be applied to the next acquisition is what produced the difference in scale today.

Timeline

1910–1944An electrical maker raised under the banner of home-grown technology

  1. 1910Odaira Namihei opens a repair works at the Hitachi copper mine
  2. 1911Separated from the mine as the Hitachi Works of Kuhara Mining
  3. 1918Tsukudajima Works absorbed and becomes the Kameido plant
  4. 1920Incorporated as Hitachi, Ltd. with capital of ¥10 million
  5. 1921Kasado shipyard taken over; rolling stock enters the business
  6. 1926First export — thirty electric fans to the United States
  7. 1934Hitachi Research Laboratory established
  8. 1937Kokusan Kogyo absorbed; entry into special steels
  9. 1942Central Research Laboratory opened for basic research
  10. 1944Eighteen plants; capital reaches ¥700 million

1945–1977Redundancies won by attrition, and the retreat from home-grown technology

  1. 1945Kizugawa plant destroyed by air raid; military orders vanish
  2. 1949Listed on the Tokyo Stock Exchange; equity ratio down to 14.1%
  3. 1950Sixty days of stopped production; about 8,500 jobs cut
  4. 1952Technical assistance agreement signed with RCA
  5. 1953Tie-up with International General Electric on turbines and generators
  6. 1954Transistor technology brought in from Western Electric
  7. 1956Hitachi Metals and Hitachi Cable separated; spin-offs begin
  8. 1959Hitachi New York established; Toshiba passed in heavy electrical machinery
  9. 1963Hitachi Chemical separated
  10. 1969Software works built; Hitachi Construction Machinery separated
  11. 1977Saticon camera-tube technology licensed to RCA

1978–2003Tilting towards semiconductors and information, and two enormous losses

  1. 1982Hitachi Europe established
  2. 1984Volume production of the 256-kilobit DRAM begins
  3. 1989Hitachi Asia established as the Asian headquarters
  4. 1991Plants reassigned from a plant basis to business divisions
  5. 1994Home appliance business reorganised; Hitachi China established
  6. 1998First operating loss since the founding, consolidated and parent-only
  7. 1999Business groups run as independent companies; NEC Hitachi Memory set up
  8. 2002¥483.8bn net loss; redundancies on a scale of 20,000
  9. 2002Renesas Technology agreed as a joint venture with Mitsubishi Electric
  10. 2003IBM's hard disk drive business bought for about US$2bn
  11. 2003Semiconductors transferred out; move to a company with committees

2004–2026From enormous losses to a management that swaps its businesses

  1. 2007Overtaken by Mitsubishi Electric in market capitalisation
  2. 2009¥787.3bn net loss; Kawamura Takashi called back as president
  3. 2009In-house company system introduced across the business groups
  4. 2012Hard disk drive business sold to Western Digital
  5. 2012IEP contract in Britain won: 866 vehicles and 27.5 years of maintenance
  6. 2015Ansaldo STS and AnsaldoBreda acquired for about ¥260bn
  7. 2019Horizon nuclear project frozen; ¥300bn loss booked
  8. 2019Settlement with Mitsubishi Heavy Industries; exit from thermal power
  9. 2020ABB's power grids business acquired for about ¥720bn
  10. 2021GlobalLogic acquired for about ¥1 trillion
  11. 2021Hitachi Astemo formed from three Honda-affiliated suppliers
  12. 2022Thales's rail signalling systems business acquired
  13. 2023Hitachi Metals shares transferred; the parent-child listings unwound

Founding Story

1910–1944An electrical maker raised under the banner of home-grown technology

Hitachi began as a repair shop attached to a copper mine, where a section head built induction motors of wholly Japanese design at a time when electrical machinery in Japan was imported from first to last. Separation from the mine in 1920, a shipyard bought the year after and two laboratories founded in the 1930s turned that principle into an institution — and by 1944 into eighteen plants working for the war.

Founded in a mine repair shop, and separation as a joint-stock company

In 1908, at the Hitachi copper mine of the Kuhara Mining Partnership run by Kuhara Fusanosuke (久原房之助), Odaira Namihei (小平浪平), head of the machine-shop section, began manufacturing electrical machinery for the mine's own use[1]. Demand for electrical machinery was thin at the time, and producing it domestically was reckoned a formidable undertaking in technology and in materials alike[2]; Odaira persisted nonetheless, believing that building up this industry was precisely what would advance Japanese industry as a whole. The following year, 1909, he completed three five-horsepower induction motors[3]. In 1910 he opened a repair works attached to the Hitachi mine[4], starting from premises of 130 square metres and a workforce of five[5]. Odaira held a long-standing wish: that electrical machinery, which Japan imported from first to last, should be made by Japanese hands[6].

The repair works did not confine itself to the mine's own consumption. It widened its products to transformers, motors and generators[7], and began taking orders from outside. In July 1911 it was separated from the Hitachi mine as the Hitachi Works of the Kuhara Mining Partnership[8], moving to a structure devoted to general industrial machinery. In October 1918 it absorbed the Tsukudajima Works to form the Kameido plant, and the existing works was renamed the Hitachi plant[9]. Kuhara regarded the electrical division as no more than an adjunct to the mine and was reluctant to diversify; Odaira argued for separation[10], and in February 1920 the business became Hitachi, Ltd. — a joint-stock company with capital of ¥10 million[11] holding both the Hitachi and Kameido plants, independent of Kuhara Mining[12].

In February 1921, the year after independence, the company took over the Kasado shipyard from Nihon Kisen, then in financial difficulty, and opened it as the Kasado plant[13]; from here begins the business mix in which an electrical manufacturer also builds railway rolling stock. In 1926 it exported thirty electric fans to the United States, its first export[14], and its markets thereafter extended across China, India, Burma, Thailand, the Near East, Africa, Australia, South America and the Soviet Union[15]. In May 1935 it took an equity stake in Kyosei Reiki Kogyo[16], widening its products into refrigeration and air conditioning, so that motors, generators and transformers were joined by rolling stock and refrigeration equipment.

Laboratories of its own, and wartime expansion of the plants

The large firms of Japan's heavy and chemical industries then depended heavily on foreign technology, put little effort into research of their own[17], and paid no attention to Japan's universities. Against that background, the company that most strongly professed home-grown technology was Hitachi — a young firm that had become independent in 1920[18]. In March 1934 it established the Hitachi Research Laboratory[19] to raise the quality and volume of its products and increase the number of new ones, and in 1941 it resolved to set up a Central Research Laboratory for basic research[20], opened in April 1942[21]. Odaira held to the principle that if royalties are to be paid, the same sum should be put into research of one's own[22], and kept investing in research institutions. In April 1939 the Taga plant was newly built, and the Hitachi Research Laboratory was made independent of the Hitachi plant[23].

In May 1937 the company absorbed Kokusan Kogyo, led by Aikawa Yoshisuke (鮎川義介)[24], taking in seven plants — Tobata, Wakamatsu, Kizugawa, Fukagawa, Yasugi, Totsuka and Amagasaki[25] — together with a metallurgical laboratory and some 4,000 employees[26], and with them entering special steels. An integrated structure running from raw materials through to finished goods was now in place, and the range of manufacture diversified beyond electrical machinery and general machinery into steel raw materials, communications equipment of various kinds and railway rolling stock[27]. From then on Hitachi added and merged plants to meet military demand: the Mito plant in September 1940[28], and in September 1943 the absorption of Riken Shinku Kogyo, which added the Mobara plant[29] and put vacuum tubes and light bulbs into the product range[30]. In March 1944 the Shimizu plant was made independent of the Kameari plant, and in December of the same year the Tochigi plant was separated from Taga[31].

Expansion left the company with eighteen plants, and capital, raised in several steps, reached ¥700 million in August 1944[32], so that Hitachi had grown into one of Japan's foremost manufacturers in name and in fact. In 1939 it won an order for the Macabu power station in Brazil — a horizontal-shaft Pelton turbine of 3,300 kilowatts[33] and a three-phase alternating-current synchronous generator of 3,750 kilovolt-amperes[34] — which drew attention at home and abroad. Research accumulated as well: shortly after the war its industrial property rights numbered more than 4,850[35], including inventions such as steam turbines, the vertical-shaft Pelton turbine, an electron diffraction apparatus and electron tubes for ultra-high frequencies[36].

1945–1977Redundancies won by attrition, and the retreat from home-grown technology

The surrender left Hitachi with plant and payroll built for military orders and no demand to fill them, and the settlement — every plant stopped for about sixty days, 8,500 jobs cut — was the largest retrenchment in Japanese private industry. Having survived it, the company withdrew the principle it had held for forty years and bought technology from RCA, General Electric and Western Electric, and by 1959 the industry judged that it had passed Toshiba in heavy electrical machinery.

Sixty days of stopped production, and 8,500 redundancies

In January 1945 Hitachi took over the Kawasaki plant of Hitachi Seiki, adding to its productive capacity[37]; that June the Kizugawa plant burned down in an air raid[38]. With the surrender, military orders vanished, and the Kizugawa and Amagasaki plants were closed[39]. Operations resumed at the plants that remained, and the company picked up reconstruction demand by supplying machinery to priority industries — coal mining, food production, transport and electric power[40] — but the plant and workforce swollen by the war did not match peacetime order volumes. Hitachi redeployed plants and modernised equipment, and separated the wire and cable division from the Hitachi plant[41]. Even so, of 44,000 employees, some 8,500 were judged surplus[42].

At the end of July 1949 the equity ratio had fallen to 14.1 per cent, and strikes by the labour union ran day after day at plants across the country. Some union members turned violent, and the shop-floor humiliations of plant managers known as the oath on hot sand and daruma-otoshi spread from site to site. President Kurata Chikara (倉田主税) refused to come to the table until the union gave ground, choosing a war of attrition in which production at every plant was stopped for about sixty days. Hitachi was then a large organisation with seventeen plants and four sales offices nationwide[43], and the retrenchment it forced through there was the largest in Japanese private industry, exceeding Toshiba's[44].

The dispute ended when the union split internally, and the cut of 8,500 was carried through in full. A syndicated loan of $1.1M (¥400m) led by the Industrial Bank of Japan averted a collapse in funding, and in the same year the shares were listed on the Tokyo Stock Exchange. In his management policy for the following year, Kurata summed up that 1950 shall be the very year of light after this hardship is overcome[45], and placed the peace treaty with Japan and the deployment of counterpart funds, together with demand from power-source development, the shipbuilding programme and the electrification of the national railways, at the centre of the rebuild. In February 1950 he established Nitto Unyu[46], keeping within the group the logistics function that would later become Hitachi Transport System.

Foreign technology brought in, and Toshiba overtaken in heavy electrical machinery

In February 1952 Hitachi concluded a technical assistance agreement with the Radio Corporation of America covering receiving tubes, transmitting tubes, cathode-ray tubes, television receivers and electron tubes[47]. In December of the same year it signed a technical assistance agreement with Babcock & Wilcox on boilers[48], and in 1953 it tied up with International General Electric on steam turbines and generators. The following year, 1954, it brought in transistor technology from Western Electric. The policy of avoiding alliances with foreign manufacturers, held for more than forty years since the founding, was withdrawn here[49]. That is not to say research of its own was given up: the research divisions centred on the Central Research Laboratory and the Hitachi Research Laboratory were reckoned to stand at world level in facilities and staff alike from before the war, and were strengthened further after it[50].

The reason for the tie-ups lay in how far Hitachi had fallen behind in thermal power generation. Komai Kenichiro (駒井健一郎), who handled orders in the power-source division, recalled that Hitachi's thermal business had brought in technology from Germany's AEG before the war, but had little experience and trailed Toshiba and Mitsubishi Heavy Industries[51], and described the aim of the tie-ups as to form technical alliances with first-rate foreign manufacturers as quickly as possible, and fight on equal terms[52]. In the General Electric alliance Toshiba had gone first and Hitachi was the follower[53]. Even so, because thermal turbines were expected to grow in capacity and in demand, General Electric permitted more than one licensee[54].

Within a few years the imported technology turned into results. By 1955 Hitachi stood on sixteen plants and three sub-plants[55] with 3,000 product types in all — from heavy electrical goods such as water turbines, steam turbines, generators and transmission and distribution equipment, through light electrical goods in communications equipment and electronics, and on to industrial machinery, rolling stock, wire and cable and steel — with 28,000 employees[56] and capital of $18.3M (¥7bn). Exports accounted for about two-tenths of total sales[57]. In 1959 the industry acknowledged that it had overtaken Toshiba in the heavy electrical division[58]: Hitachi, which has made catching and passing Toshiba its motto, has at last completely overtaken Toshiba not only in the scale of the enterprise as a whole but in the heavy electrical machinery division as well.[59]

The parent-child listings born of spinning off non-electrical businesses, and the fields left to in-house research

During the high-growth years the spinning-off of non-electrical businesses advanced: Hitachi Metals and Hitachi Cable were separated in October 1956[60], an equity stake was taken in Maxell Electric Industrial in 1961[61], and Hitachi Chemical in April 1963 and Hitachi Construction Machinery in December 1969 were separated in turn. In February of that same year, 1969, a software works was newly built[62], giving the contract development of computer programs a factory of its own. From 1956 onward Hitachi spun off non-electrical businesses and listed them individually, binding the group together through parent-child listings in which the parent held more than 50 per cent. That form would remain the group's basic structure for more than sixty years.

The representative field grown without recourse to foreign technology was the electron microscope. In 1939 the 37th subcommittee of the Japan Society for the Promotion of Science was created, chaired by Professor Seto Shoji of the University of Tokyo[63], and researchers from Hitachi, Toshiba, Nippon Electric and Shimadzu joined the universities and the Electrotechnical Laboratory in developing it together[64]. After the war Hitachi won every first machine at the former imperial universities and pulled ahead, while Nippon Electric and Toshiba dropped out of the race[65]. In 1955 Hitachi began exporting to the United States[66]. By the late 1960s microscopes from Hitachi and JEOL accounted for half of world demand[67], and as exports to America grew, RCA lost hope of winning and withdrew[68].

The camera tube followed the same course. The selenium camera tube Ahsecon, begun in December 1966 by the Central Research Laboratory as a joint development with the NHK Science and Technical Research Laboratories[69], could not solve the problem of image burn-in and was abandoned in 1970[70]. A different structure found in the course of the trials became a basic patent in that same year, however, and in 1972 a patent was filed showing that selenium governs the interface phenomenon[71]. In December 1972 the Central Research Laboratory raised the work to a large project[72], announced in September 1973 that success was in prospect, and completed it as a product in 1975[73]. Then, in 1977, Hitachi licensed the Saticon technology to RCA, which had invested for years in developing a selenium camera tube without succeeding[74].

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Notes

  1. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  2. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  3. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  4. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  5. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  6. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  7. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  8. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  9. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  10. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  11. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  12. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  13. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  14. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  15. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  16. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  17. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  18. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  19. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  20. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  21. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  22. My Personal History: Men of Business 12, Nihon Keizai Shimbunsha, 1980↩
  23. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  24. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  25. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  26. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  27. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  28. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  29. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  30. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  31. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  32. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  33. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  34. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  35. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  36. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  37. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  38. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  39. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  40. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  41. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  42. Corporate Histories: A Century of Meiji, Keizai Shunju-sha, 1968↩
  43. Yomiuri Shimbun, 23 June 1950↩
  44. Yomiuri Shimbun, 23 June 1950↩
  45. Securities, January 1950↩
  46. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  47. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  48. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  49. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  50. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  51. Nihon Keizai Shimbun, January 1981: Komai Kenichiro, My Personal History↩
  52. Nihon Keizai Shimbun, January 1981: Komai Kenichiro, My Personal History↩
  53. Nihon Keizai Shimbun, January 1981: Komai Kenichiro, My Personal History↩
  54. Nihon Keizai Shimbun, January 1981: Komai Kenichiro, My Personal History↩
  55. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  56. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  57. Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955, the Hitachi entry↩
  58. Management, June 1959: Has Hitachi really overtaken Toshiba?↩
  59. Management, June 1959: Has Hitachi really overtaken Toshiba?↩
  60. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  61. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  62. Hitachi, securities report for the 156th term (FYE March 2025), corporate history section↩
  63. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  64. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  65. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  66. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  67. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  68. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  69. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  70. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  71. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  72. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  73. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩
  74. A Showa History of Technological Development, by Moriya Masanori, Nihon Keizai Shimbunsha, 1986↩

References & sources

  1. Hitachi, Ltd. (annual securities reports), including the corporate-history section, from which the revenue, profit and employee figures are drawn.
  2. Management, June 1959: Has Hitachi really overtaken Toshiba?
  3. Corporate Histories: A Century of Meiji, Keizai Shunju-sha (1968), the Hitachi entry.
  4. Nihon Keizai Shimbun (Nikkei Inc.): Komai Kenichiro’s My Personal History, January 1981; 29 January 2001; 4 August 2011. Nikkei Sangyo Shimbun, 6 March 2001.

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