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Hitachi to sell about half its stake in construction unit - NHK

TOKYO (Reuters) - Japan's Hitachi (OTC:HTHIY) Ltd will sell about half its 51% stake in unit Hitachi Construction Machinery Co (OTC:HTCMY) to trading firm Itochu Corp and...
Hitachi to sell about half its stake in construction unit - NHK © Reuters. FILE PHOTO: The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File Photo

TOKYO (Reuters) - Japan's Hitachi (OTC:HTHIY) Ltd will sell about half its 51% stake in unit Hitachi Construction Machinery Co (OTC:HTCMY) to trading firm Itochu Corp 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 (OTC:KMTUY) Ltd and Caterpillar Inc (NYSE:CAT), 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)

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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