UT Group Co. Ltd. (2146:TYO), a Tokyo-based firm focused on engineering and technical staffing, announced it will acquire 51% of outstanding shares of Hitachi Ibaraki Technical Service Ltd. and make it a subsidiary.

The price of the transaction was not disclosed.

Hitachi Ibaraki Technical Service is a manufacturing subsidiary of Japanese multinational electronics company Hitachi Ltd. The company provides contracting services and worker dispatch services for design and manufacturing of electrical machinery and equipment and processed metal products. The company has approximately 650 employees and supports manufacturing by Hitachi, Ltd. and the Hitachi Group in the energy, industrial and mobility fields.

Since UT’s acquisition of all shares of Mito Engineering Service Co., Ltd. (currently UT MESC Co., Ltd.) from the Hitachi Group in July 2020, the Hitachi Group and the UT Group have deepened their cooperation,” the UT Group stated. “The strengths and know-how of both groups will be further integrated with the newly announced acquisition of shares, while UT will closely follow the changing needs of clients with the changing times, and aim to pursue new service value.”

UT Group added that the impact of this acquisition on its consolidated financial results for the current fiscal year will be immaterial.