Hitachi to sell about half its stake in construction unit - NHK (updated)
13/01/2022 07:17
(Adds Hitachi comment)
TOKYO, Jan 13 (Reuters) - Japan's Hitachi Ltd 6501.T will
sell about half its 51% stake in unit Hitachi Construction
Machinery Co 6305.T to trading firm Itochu Corp 8001.T and
investment fund Japan Industrial Partners, public broadcaster
NHK reported on Thursday.
Hitachi will sell the stake for about 200 billion yen ($1.7
billion), according to a Nikkei business daily report, which did
not identify the source of the information.
The construction unit's market value at the end of share
trading in Tokyo was 753 billion yen.
The sale would represent the final tranche of Hitachi's
decade-long business portfolio overhaul, following sales of
chip-making equipment manufacturer Hitachi Kokusai Electric and
chemicals maker Hitachi Chemical.
"We are considering various ways improve corporate value,
but we have no decision yet," Hitachi said, when asked about the
NHK report.
Hitachi Construction, the smaller rival of Komatsu Ltd
6301.T and Caterpillar Inc CAT.N , generated 813 billion yen
($7.1 billion) in its last full business year from sales of
excavators, wheel loaders, dump trucks and their parts.
It employs about 25,000 people worldwide with about
three-quarters of sales outside Japan.
($1=114.6200 yen)
(Reporting by Tim Kelly and Chang-Ran Kim; Editing by Shounak
Dasgupta)
((tim.kelly@thomsonreuters.com; +813-6441-1311))