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                      August 31, 1999

                      HITACHI AND FUJI ELECTRIC ANNOUNCE JOINT VENTURE AGREEMENT

                      - Venture to Focus on development and design of power semiconductors -

                               Hitachi, Ltd. (NYSE: HIT) and Fuji Electric Co, Ltd. today announced the conclusion of an 
                      agreement to launch a joint-venture company to engage chiefly in the development and design of 
                      power semiconductors.  Establishment of the new company, tentatively named Fuji-Hitachi Power 
                      Semiconductor Technologies Co., Ltd. is planned for November 1999.
                      	Hitachi and Fuji Electric are also looking for other opportunities to expand collaboration in 
                      power semiconductors, including sharing of production facilities.
                      	Power semiconductors are key components of the electric energy control systems used in 
                      various types of industrial equipment and consumer goods, such as power generation and 
                      transmission equipment, railway cars, machine tools, and inverters.  All processes in the production of 
                      power semiconductors require a degree of environment cleanliness on a par with that in the 
                      production of microcomputers, LSIs and other microchips.  But power semiconductors have another 
                      requirement not shared by microchips.  They have to be fabricated to stand up under high voltage and 
                      current.  Facility and development costs are therefore formidable.
                      	The power semiconductor market is increasingly demanding products that have a broader 
                      range of applications and are more technically sophisticated in terms of intelligence, compactness and 
                      other features.  The market is also marked by rising demand for customized products and intensifying 
                      price competition.  These trends put strong pressure on the manufacturer to optimize R&D cost 
                      effectiveness, use human resources more efficiently, minimize costs, and beat competitors to the 
                      market with a product lineup matched to emerging customer requirements.
                      	Hitachi and Fuji Electric believe the new company will provide a number of benefits.  It will 
                      allow the two companies to exploit the synergy between their world-class technologies to strengthen 
                      market position. Also, by making it easier to boost cost effectiveness and accelerate the pace of R&D, 
                      it will permit them to offer products with enhanced cost-performance.  Another expected advantage is 
                      an improvement in the profitability of the power semiconductor businesses of both companies owing 
                      to the sharing of R&D costs.
                      	As one of the world's top producers of large-capacity, high-voltage IGBTs, Hitachi, Ltd. is 
                      particularly well known for IGBTs meeting the demanding reliability standards of railway cars.  It is 
                      also a global leader in the manufacture of diodes for automotive applications, high-voltage one-chip 
                      inverters and similar products.  Hitachi sets itself apart from other companies in this sector by also 
                      offering a line of high added-value power electronic products incorporating its power semiconductor 
                      devices.
                      	The tie-up with Fuji Electric, an acknowledged force in the medium-capacity IGBT and 
                      high-voltage diode sectors, will strengthen Hitachi's ability to respond rapidly to market priorities and 
                      to upgrade the performance of its product systems.
                      
                      	Fuji Electric, a leading producer of power semiconductors, supplies advanced, high-
                      performance, high-functionality power devices to a broad spectrum of domestic and overseas 
                      customers, including rolling stock manufacturers, manufacturers of factory automation and other 
                      industrial equipment, automakers, information and communication system manufacturers, and home 
                      appliance manufacturers.  Fuji Electric is developing its power electronics business around the nucleus 
                      of its power semiconductor operations.
                      	By collaborating with Hitachi, a company with well-established expertise in large-capacity, 
                      high-voltage semiconductors, Fuji Electric will be able to fill out its product lineup, speed up product 
                      development, and expand the scale of its business.
                      	Hitachi and Fuji Electric plan to use their complementary strengths in the power 
                      semiconductor sector to speed up development of a diversity of products responding to customer 
                      requirements.  Their goal is to secure top status among power semiconductor producers worldwide.
                      
                      Abbreviations in text
                      - LSI :		Large Scale Integrated Circuit
                      - IGBT :	         Insulated Gate Bipolar Transistor
                      - IC :		Integrated Circuit 
                      - UPS:		Uninterruptable Power Supply 
                      
                      New company in profile
                      1. English name:	Fuji-Hitachi Power Semiconductor Technologies Co., Ltd.
                      2. Location:	Shinagawa-ku, Tokyo
                      3. Capital:	Pending decision (Hitachi and Fuji Electric 50% each planned)
                      4. Establishment:	Planned for November 1999
                      5. President:	Pending decision
                      6. Employees:	About 130
                      7. Main business:	Power semiconductor development and design
                      
                      
                      
                      <Press Contacts>
                      
                      Hitachi, Ltd. Japan					Fuji Electric Co,Ltd. Japan
                      Hiroaki Ohi, Keisaku Shibatani				Hideaki Kosugi
                      Tel: +81-3-3258-2057					Tel: +81-3-5435-7206
                      E-Mail:HIROAKI@cm.head.hitachi.co.jp			         E-Mail:kosugi-hideaki@fujielectric.co.jp
                             Shibakei@cm.head.hitachi.co.jp	
                      
                      Hitachi America, Ltd. USA
                      Terry Kubo
                      Tel: +1-650-244-7900	
                      E-Mail:tatsuya.kubo@hal.hitachi.com
                      
                      Hitachi Europe Ltd.
                      Masao Takebayashi
                      Tel: +44-1628-585000	
                      E-Mail:mtake@hitachi-eu.com
                      
                      Hitachi Asia Ltd.
                      Yuuji Hoshino	
                      TEL: +65-231-2522
                      E-Mail:yhoshino@has.hitachi.com.sg
                      


                      WRITTEN BY Secretary's Office
                      All Rights Reserved, Copyright (C) 1999, Hitachi, Ltd.

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