Notes to the Consolidated Financial Statements Joint operations China Panasonic Eco Solutions Power Tools (Shanghai) Company Limited (49%) P Germany HILLOS GmbH, Jena (50%) P Hilti Seuffer Electronics GmbH, Calw (50%) P, D Taiwan Racing Point Industry Co., Ltd., Kaohsiung (49%) P USA Intelligent Construction Tools LLC, Delaware (50%) P, D Joint venture South Africa Hilti SA Holding (Pty) Ltd., Johannesburg/Midrand (49%) H 2018 Financial Report | 74