HomeServe Establishes Joint Venture in Japan as Part of Global Partnership Strategy
HomeServe plc ("HomeServe"), the international home repairs and improvements business, has signed an agreement with Mitsubishi Corporation (“MC”) to establish a joint venture (“JV”) in Japan.
To be called HomeServe Japan Corporation, the joint venture will be 50:50 owned by HomeServe and Mitsubishi Corporation. HomeServe Japan Corporation will build a business to provide home emergency and repair services in electrics, plumbing, gas, heating, ventilation and air conditioning. The business will be based on a membership model and will also offer on-demand services to residential customers.
Japan is the world’s third largest economy with 53 million residential households. Recent liberalisation of the gas and electricity markets, together with access to the water market for private concessions, has created a positive environment for HomeServe’s utility branded home assistance model.
The move is part of HomeServe’s global partnership approach to provide successful strategies for utility companies to improve their connection with customers and strengthen and lengthen their relationships.
Utility companies are facing unprecedented challenges. Regulatory change, new innovative players, higher consumer expectations and rapidly evolving technology are putting pressure on revenue and encouraging customer churn.
According to Stephen Phillips, HomeServe’s Global CEO of International Business Development: “Utilities need to move beyond providing basic services and re-evaluate their business models to embrace the opportunities which are opening up in this new landscape. Customers have become used to effortless online experiences in areas such as retailing and smart tech, and now want the same convenience from their utility providers.
“Customers want providers to help them monitor, manage and maintain their homes. By offering their customers targeted, value added products that can be integrated into larger smart home systems, utilities have the opportunity to become more relevant in their customers’ lives.”
Home services propositions and technologies can support a utility’s positioning as a one stop shop for home and energy management solutions. Research shows that customers view their utility as the logical provider of such services, and that such offerings have a positive impact on customer relationships.
In HomeServe USA’s white paper, ‘Natural Gas Utilities: Securing the Future, June 2017’, analysis of utility customers who bought a home assistance plan showed an increase in customer satisfaction of more than 60% amongst electricity customers after enrolling. Enrolled gas customers were more than 75% happier with their provider than those who were not signed up.
The paper also links customer satisfaction to a better return on equity (ROE) and increased profitability. On average top quartile utilities earned 10.7% ROE, whereas bottom quartile utilities earned 10.1%. Similarly, electric utilities in the top quartile of customer satisfaction typically report profits 3-4% higher than utilities in the three lower quartiles.
Other research (Eneco btg.org 2015 and Centrica Capital Markets Day 2017) shows 60% less churn when customers have committed to additional products such as smart home offerings and that customers in the highest value segment have a high propensity to hold multiple products and are 20% less likely to switch to another provider.
Stephen Phillips comments: “Partnering is an effective way for energy providers to keep up with the frenetic pace of change, to transform their customer facing services and to extend their reach into customers’ homes. But utilities need to pick their partners carefully. Thanks to our extensive experience, HomeServe understands the key elements of successful partnerships. Most important are alignment of culture, sharing the same values, and common vision and goals. HomeServe works with over 600 utility partners who understand and can deliver customer centric offerings, valuable benefits, ease of access, exceptional levels of service at the points of interaction and effective communications.”
HomeServe is an international home repairs and improvements business which provides people with access to tradespeople and technology to run their homes more easily. HomeServe is listed on the London Stock Exchange, with a market capitalisation of c. £3.2 billion. More information about HomeServe’s international partnership strategy can be found at www.homeserveglobal.com.
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals and daily living essentials, having wide-ranging relationships with public and private utilities in Japan.
+44 7795 062564
+44 7970 840694
+44 207 353 4200
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Abiraterone Acetate Included in World Health Organisation’s Essential Medicines List for the Treatment of Metastatic Castration-Resistant Prostate Cancer19.7.2019 13:05:00 CEST | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson is delighted with the recent announcement from the World Health Organisation (WHO) to include abiraterone acetate (ZYTIGA ® ) for the treatment of metastatic castration-resistant prostate cancer (mCRPC), in the updated Essential Medicines List, published on 9th July 2019.1,2 The WHO’s Essential Medicines List is a core guidance document that helps countries prioritise critical health products that are recommended to be widely available and affordable throughout health systems.1 “The inclusion of abiraterone acetate in the WHO Essential Medicines List highlights the critical role that this treatment can play in improving the lives of patients living with mCRPC and their families,” said Dr. Joaquín Casariego, Janssen Therapeutic Area Lead Oncology for Europe, Middle East & Africa, Janssen-Cilag S.A. “I am proud that we are working hard to impact survival and quality of life by developing and providing innovative medicines which ar
Gilead Sciences Licenses Respiratory and Herpes Antiviral Research Programs From Novartis19.7.2019 12:30:00 CEST | Press release
Gilead Sciences, Inc. (NASDAQ: GILD) announced today that it has licensed three preclinical antiviral programs from Novartis, including investigational agents with the potential to treat human rhinovirus, influenza and herpes viruses. Under the agreement, Gilead will acquire exclusive global rights to develop and commercialize novel small molecules against three undisclosed targets. Novartis will receive an upfront payment and is eligible to receive up to an additional $291 million in potential milestone payments upon achievement of certain development and commercial milestones, as well as royalties on annual net sales. “Today’s announcement builds on Gilead’s heritage in antiviral research and development. We look forward to applying this expertise to advance the development of potential new treatments for viruses with limited therapeutic options,” said John McHutchison AO, MD, Gilead’s Chief Scientific Officer and Head of Research and Development. Gilead’s antiviral portfolio include
Schlumberger Announces Second-Quarter 2019 Results19.7.2019 11:00:00 CEST | Press release
Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2019. (Stated in millions, except per share amounts) Three Months Ended Change Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Sequential Year-on-year Revenue $8,269 $7,879 $8,303 5% 0% Pretax segment operating income $968 $908 $1,094 7% -12% Pretax segment operating margin 11.7% 11.5% 13.2% 17 bps -148 bps Net income - GAAP basis $492 $421 $430 17% 14% Net income, excluding charges & credits* $492 $421 $594 17% -17% Diluted EPS - GAAP basis $0.35 $0.30 $0.31 17% 13% Diluted EPS, excluding charges & credits* $0.35 $0.30 $0.43 17% -19% North America revenue $2,801 $2,738 $3,139 2% -11% International revenue $5,463 $5,037 $5,065 8% 8% North America revenue, excluding Cameron $2,243 $2,178 $2,546 3% -12% International revenue, excluding Cameron $4,761 $4,469 $4,387 7% 9% *These are non-GAAP financial measures. See section titled "Charges & Credits" for details. Schlumberger Chairman and CEO Paal Kibsgaard commente
Schlumberger Appoints Olivier Le Peuch as CEO19.7.2019 10:46:00 CEST | Press release
Schlumberger Limited (NYSE: SLB) announced today that its Board of Directors has appointed Olivier Le Peuch as its Chief Executive Officer and member of the Schlumberger Board, effective August 1, 2019. Mr. Le Peuch succeeds Paal Kibsgaard, who will retire as Chief Executive Officer effective that same date. Also effective August 1, Mr. Kibsgaard will step down as Chairman of the Board and retire as a member of the Board of Directors. Mr. Kibsgaard will retire after more than 22 years of service to the Company, including eight years as CEO and four years as Chairman. Effective the same date, Mark G. Papa, a current non-independent director, will become non-executive Chairman of the Board. Peter Currie will continue to serve as the Board’s Lead Independent Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190719005161/en/ Olivier Le Peuch is appointed Chief Executive Officer and a member of the Schlumberger Board, effe
Fluke Corporation Acquires Industrial Reliability Leader PRÜFTECHNIK19.7.2019 10:00:00 CEST | Press release
Fluke Corp., the global leader in test and measurement instruments, has acquired Ismaning, Germany-based PRÜFTECHNIK, a market leader in precision laser shaft alignment, condition monitoring, and non-destructive testing. “Fluke’s acquisition of PRÜFTECHNIK reflects the growing importance our customers place on reliability systems to keep their equipment in optimum operating condition,” said Marc Tremblay, president of Fluke Corporation. “This business will help us usher in the next generation of solutions for our industrial customers.” Fluke Corporation For information on Fluke tools and applications, or to find the location of your nearest distributor, contact Fluke Corporation, P.O. Box 9090, Everett, WA USA 98206, call (800) 44-FLUKE (800-443-5853), fax (425) 446-5116, e-mail email@example.com or visit the Fluke Web site at http://www.fluke.com. About Fluke Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measu
Janssen Seeks EMA Approval for Novel Subcutaneous Formulation of DARZALEX®▼ (daratumumab)19.7.2019 09:59:00 CEST | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson today announced the submission of an extension application to the European Medicines Agency (EMA) for subcutaneous (under the skin) use of DARZALEX® (daratumumab) for the treatment of patients with multiple myeloma. This subcutaneous formulation of daratumumab is co-formulated with recombinant human hyaluronidase PH20 (rHuPH20) [Halozyme's ENHANZE® drug delivery technology]. Daratumumab is currently only approved for intravenous (IV) use. “This new formulation is an example of our unwavering commitment to pursue innovative treatment options to support people living with multiple myeloma,” said Dr Patrick Laroche, Haematology Therapy Area Lead, Europe, Middle East and Africa (EMEA), Janssen-Cilag. “Importantly, subcutaneous daratumumab demonstrated comparable efficacy with the existing IV formulation, reduced the rate of infusion-related reactions and significantly shortened the time it takes for patients to receive treatment, fr