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1999 Press Releases-03

Tokyo, Japan - July 7, 1999

Yokogawa Electric Corporation and Hewlett-Packard Company Announce "Hewlett-Packard Japan to become Wholly Owned HP Subsidiary" HP and Yokogawa Sign Agreement


Yokogawa Electric Corporation ("Yokogawa", 2-9-32 Naka-cho, Musashino, Tokyo, Japan, President and CEO: Isao Uchida) and Hewlett-Packard Company ("HP" Palo Alto, California, USA, Chairman, President and CEO: Lew Platt) today announced an agreement whereby Hewlett-Packard Japan ("HPJ" 3-29-21 Takaido Higashi, Suginami-ku Tokyo, President: Masao Terazawa) will become a 100-percent owned HP subsidiary. Currently HP owns 75 percent and Yokogawa owns 25 percent of the outstanding shares of HPJ.

HPJ was founded in 1963 under the name of Yokogawa-Hewlett-Packard Company (YHP), as a joint venture between HP and Yokogawa, with Yokogawa owning 51 percent and HP 49 percent. HPJ, or YHP then, provided Yokogawa with a stronghold in the high-frequency measurement business in Japan at the early stage of the game, while in HP's perspective combining two companies' resources in the joint venture. The company was formed to manufacture and market HP's measuring instruments in Japan, and it grew rapidly as HP's business broadened and diversified to include computers and printers. The company also developed products of its own that were marketed worldwide through the HP sales and support channels. 

As a result of the business growth and diversification, the two parent companies agreed to change the ownership structure of YHP in 1983, at which time HP became the majority owner of the company. Both parent companies are very proud of the success that the company has achieved, which has resulted in HPJ being perceived as one of the most admired joint ventures in Japan. 

HP recently announced that it intends to restructure its worldwide businesses into two new companies to better address the need for increased agility, focus and accountability in its businesses. After sincere and open discussion between the senior management of the two companies, Yokogawa fully agrees with HP's view that this restructuring requires HPJ to align its structure with that of HP. In this light, Yokogawa has agreed to take HPJ a wholly owned subsidiary of HP. Both parent companies think that HPJ has successfully completed its original mission and that now is the right time for it to move into the new era with renewed spirit.

It is the sincere desire of Yokogawa and HP to ,maintain their wide range of business alliances, which are the outcome of their 36 year relationship. For example HP supplies computers to Yokogawa and Yokogawa supplies printer power supplies to HP. 

Yokogawa Analytical Systems (YAN) which was established as a separate joint venture between the two companies in 1992 to serve customers in chemical-analysis fields, will continue with its current business charter. 

The management of Yokogawa and Hewlett-Packard Company fully believe this new direction for HPJ is the best interest of their shareholders worldwide.



About Yokogawa
Yokogawa's global network of 19 manufacturing facilities and 89 companies spans 32 countries. Since its founding in 1915, the US$4 billion company has been engaged in cutting-edge research and innovation, securing more than 7,500 patents and registrations, including the world's first digital sensors for flow and pressure measurement. Industrial automation and control, test and measurement, information systems and industry support are the core businesses of Yokogawa.
For more information about Yokogawa, please visit our web site at www.yokogawa.com.

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