In 18 years after withdrawing from the Korean elevator market, Japan's Hitachi, the world's fifth largest player in the elevator market, has made a comeback. The latest comeback is based on the judgment that Korea's ultra high-rise elevator market is expanding fast.
Competition is expected to flare up further in the Korean elevator market as a string of global elevator giants such as Otis of the United States, Mitsubishi of Japan, and Thyssenkrupp of Germany are expanding their investment here.
According to industry sources on July 4, Hitachi set up a Korean unit "Hitachi Elevator Korea" on June 22, with a paid-in capital of 4.3 billion won. Hitachi Elevator Korea, headquartered in KAMCO Yangje Tower in the south of Seoul, will launch official operations from July 10.
Hitachi, one of the big two elevator markers in Japan together with Mitsubishi, has maintained the second largest share in the Chinese elevator market, with its annual production estimated at more than 70,000 units.
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