Japan’s Kandenko to buy 40% stake in Philippine engineering firm PHPC
MANILA, NNA – Japanese electrical engineering firm Kandenko Co. will buy a 40 percent stake in a Philippine peer as part of its global expansion.
The company said Monday it will acquire the share in PHPC Co., which does electrical, ventilation and hygiene engineering, on Jan. 31 for an undisclosed sum. It will acquire the firm from Hitachi Ltd., one of the Philippine firm’s shareholders.
As the construction sector saturates in Japan, the Tokyo-based Kandenko expects more investment in infrastructure and urban development overseas, especially Southeast Asian countries, it said in a statement.
Kandenko now has local units and sales bases in Indonesia, Malaysia, Myanmar, Taiwan, Thailand and Vietnam.
The Philippine investment would help Kandenko hire and train well educated local engineers and acquire PHPC’s customer base.
PHPC, established in 1991, posted around $20.3 million in sales in the business year to March 2019. It has 143 employees including three Japanese.