Mungia (Biscay), December 17, 2021.- Arteche and Hitachi Energy combine energies through a joint venture in Arteche Gas Insulated Transformers (AGIT), whereby both companies will work together in the sustainable gas insulated transformers market. This operation enables AGIT to improve its commercial position at global level and represents a new step in Arteche’s inorganic growth, as part of the Strategic Plan by 2023, which aims at reaching a turnover that exceeds 325 million euros as well as improving the EBITDA margin.
Arteche Gas Insulated Transformers (AGIT) has a production plant located in Vitoria-Gasteiz and has international experience both in the field of instrument transformers for GIS substations and in Power Voltage Transformers (SSVT), always using gas as an insulating medium.
In this JV Arteche will hold 51 percent majority stake while Hitachi Energy owns the remaining 49 percent, and the decision-making process will be shared within the framework of a new independent management board. This new relationship is also going to strengthen the links between both companies.
Job creation and sustainability
This joint venture will enable the grow of AGIT’s turnover over five years, which will directly impact employment growth in the company.
From an environmental perspective, the move is in line with Arteche´s sustainability policies, as the company aims at innovating the market of sustainable gas insulated transformers of an ecological nature.
About the Arteche Group
Founded in 1946, the Arteche Group carries out its activity in the electricity sector, from generation to distribution, specialising in the equipment, components and electric solutions industry. Within this framework, the Arteche Group ranks among the TOP 3 world leaders in the instrument transformers market, leads the auxiliary relays market and maintains a regional leadership position for the remaining products specifically intended for highly-demanding and high added value markets, such as renewable generation and railway.
The Arteche Group’s business focusses on enabling the transport and distribution of electric energy from any generation plant to the final user with efficiency, quality and reliability. For this purpose, the company consistently invests in R&D&i, with the aim to improve the quality and efficiency of its products, innovate in the development of new products and provide its customers with a differential added value. Arteche currently has commercial distribution capacity in over 175 countries; it has 13 factories in Europe, America and Asia, including 6 research centres, and over 2,400 employees around the world.
About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 38,000 people in 90 countries and generate business volumes of approximately $10 billion USD