Japan’s multinational conglomerate Hitachi Ltd. has set up a subsidiary on elevator business in South Korea.

Hitachi held a ceremony marking the launch of Hitachi Elevator Korea on Monday at Lotte Hotel in Sogong-dong, central Seoul. The company entered the Korean market in 1968 and installed elevators for the nation’s first high-rise building 63 Building in Yeoui-do, Seoul, in 1984.

The Tokyo-based conglomerate established its Korean unit on expectations that the Korean elevator market would rapidly grow. An official from the company said Korea is the third biggest market for elevators after China and India, and the recent revision of the elevator safety regulation would further boost demands for elevators.

As part of efforts to broaden presence across the globe, Hitachi set up its overseas subsidiaries in the Philippines in 2011, Myanmar in 2015 and Cambodia and Vietnam in 2016. In April this year, it took over British elevator service provider Temple.

Katayama Tsuneaki who had worked for Hitachi Building Systems for more than 40 years was named chairman of Hitachi Elevator Korea and Song Seung-bong who served at Thyssenkrupp Elevator Korea was named chief executive officer and president.

By Hwang Soon-min and Choi Mira

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