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Manila Bulletin devider Business devider Filinvest and Hitachi form 60-40 water joint venture

Filinvest and Hitachi form 60-40 water joint venture

Published Aug 30, 2019 12:00 am
By Bernie Cahiles-Magkilat Filinvest Development Corp. of the Philippines and Hitachi Aqua-Tech Engineering Pte. Ltd., a subsidiary of Hitachi Ltd. of Japan, have formed a 60-40 joint venture (JV) to set up a new water solution company that will provide overall water solutions across the Philippines. FILINVEST HITACHI The new joint venture company will be called Filinvest-Hitachi Omni Waterworks based on the company statement. The JV will have a capitalization of P34.375 million of which 60 percent will be financed by Filinvest, and the remaining 40 percent by Hitachi. The joint venture will be primarily engaged in water treatment engineering, including design, construction and installation (excluding civil engineering) and operation and maintenance. It will provide water treatment facilities, including desalination, recycled water and sewage treatment for both internal FDC projects as well as for external customers both in the public and private sectors. FDC first gained experience through its existing water subsidiary, Countrywide Water Services, Inc. (CWSI), which distributes water to the various Filinvest real estate projects. “With the technical expertise of the Hitachi group and the nationwide reach of Filinvest, we look forward to solidifying our participation in the Philippines water industry,” said FDC President and CEO L. Josephine Gotianun-Yap. “This partnership also complements our other investments in power and infrastructure,” added Mrs. Yap. Hitachi Aqua-Tech brings its over 40 years of experience in the water industry to the partnership. Its projects in desalination, sewage treatment, water recycling and water feature developments are located in the Asia Pacific regions, including countries in the Indian Ocean, Pacific islands, South America, Africa and the Middle East. Hitachi and Hitachi Aqua-Tech will contribute to solving issues faced by clients and the society through developing water infrastructures such as water, sewerage, and seawater desalination systems by combining their track record and know-how of Operational Technology (OT) and products that have been cultivated over the course of many years, with Information Technology (IT) for which Hitachi possesses abundant experience and knowledge in diverse fields. Hideshi Nakatsu, CEO, Water & Environment Business Unit of Hitachi, said “We are excited to join forces with the Filinvest group, share our expertise and provide muchneeded water treatment solutions across the Philippines.” “We will continue to provide our water and sewerage solution that contribute to solving issues faced by clients and the society mainly for the Philippines and other Asian countries,” added Mr. Nakatsu. FDC is one of the Philippines’ leading conglomerates that focuses on the “middle market” segment of the country’s economy, one which it believes is underserved and has continuing high growth potential. Throughout its four-decade long history, its businesses have been pioneers in their respective industries, fueling its overall growth. The Group’s principal businesses comprise real estate, hospitality, banking and financial services, power, sugar and infrastructure. For the year ended December 31, 2018, FDC recorded consolidated revenues of P73.313 billion and net income of P13.424 billion. The Japanese engineering and IT innovation firm established its water technology subsidiary Hitachi Aqua-Tech Engineering Pte. Ltd. in 1977. Hitachi Aqua-Tech has built a strong reputation as a specialist in water solutions provider. With almost four decades of experience in water treatment, the company provides a comprehensive solution to solve a broad spectrum of water problems by incorporating the latest technologies and techniques known.
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