Price Revisions for Construction Machinery for Global Markets
Tokyo, February 28, 2023 –Hitachi Construction Machinery Co., Ltd. (TSE: 6305 President and Executive Officer: Kotaro Hirano, "Hitachi Construction Machinery") today announced that the company will sequentially increase selling prices of all construction machinery products for the global market starting in April 2023.
Hitachi Construction Machinery has been making efforts in cost reduction activities in response to the impact of rising energy costs such as electricity and gas, continuous raw material price hikes due to disruptions in the global supply chain, and increasing logistics costs.
We have implemented price revision in 2022 for all of our construction equipment products. We have decided to implement another price revisions for all construction machinery products out of necessity, as the impact of further cost increases in the global market, is beyond the scope of corporate efforts to address.
The main details of the revision of the selling price are as follows.
1. Applicable products and selling price increase rate
Average price increase of 8% for all products of construction and mining machinery for the global market
2. Timing of selling price revision implementation
From April 2023 in sequence
About Hitachi Construction Machinery Co., Ltd.
Hitachi Construction Machinery Co., Ltd. (TSE: 6305), headquartered in Tokyo, Japan, is a construction machinery manufacturer. The company engages in the development, manufacturing, sales, and service operations around the world for hydraulic excavators, wheel loaders, road construction machines, and mining machinery. Hitachi Construction Machinery is strengthening its focus on value chain businesses other than new machinery sales, such as parts and services, rentals, used equipment, and parts recycling, and is utilizing digital technologies to provide deeper solutions at all points of contact with customers. Hitachi Construction Machinery employs approximately 25,000 people worldwide. In fiscal year 2021 (ended March 2022), the consolidated sales revenue was ¥1,025.0 billion and the percentage of overseas sales revenue was approximately 79%. For details, visit the company’s website.
Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
