ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has acquired all sshares of American Hydro (headquartered in Pennsylvania, USA; hereinafter “American Hydro”) from Wärtsilä Corporation (headquartered in Helsinki, Finland; hereinafter “Wärtsilä”), together with related assets owned by Wärtsilä in Canada. American Hydro manufactures and maintains water turbines in North America whereas Wärtsilä operates businesses relating to ships and energy.

American Hydro is capable of independently offering services for the design, manufacturing and maintenance of water turbines and related equipment, to reportedly over 2,000 hydraulic power stations in North America. The company has accumulated a track record of maintenance agreements that include the delivery of over 700 turbines. American Hydro offers high-quality service utilizing high engineering skills and expertise in manufacturing. Acquisition of the company and its post-acquisition operations are performed via Industrious Group Inc. (headquartered in Ohio, USA; hereinafter “Industrious Group”), a wholly owned subsidiary of ITOCHU International Inc. which is a U.S. subsidiary of ITOCHU. Industrious Group seeks to expand its equipment maintenance business in North America, capitalizing on the rise in demand for the maintenance of aging infrastructure equipment.

To date, ITOCHU has been involved, through its subsidiaries, in the development of renewable energy in North America, investment in it and its operation and maintenance. As North America is pursuing the further decarbonization and extended use of infrastructure equipment, ITOCHU will work to contribute to the achievement of sustainable society by offering high-quality service to important, renewable energy-related infrastructure via Industrious Group.

ITOCHU highlights a continued contribution and commitment to the SDGs as one of its basic policies in Brand-new Deal 2023, its medium-term management plan, and as part of these efforts, is in the process of promoting renewable energy-related businesses. Going forward, ITOCHU will continue contributing to the realization of a decarbonized society, sustainable local communities and reduction of impact on the global environment.