Hitachi Considering Selling Hitachi Chemical

Economy

Tokyo, April 25 (Jiji Press)--Japan's Hitachi Ltd. <6501> is considering selling core subsidiary Hitachi Chemical Co. <4217>, it was learned Thursday.

Hitachi is in contact with several businesses and investment funds to select a buyer of the unit, according to informed sources.

The company is set to accelerate the negotiations, and would sell the unit by the end of March next year if an agreement is reached, the sources said.

The electronics giant plans to enhance its profitability mainly by focusing on Internet of Things technologies, and electricity- and energy-related operations.

As part of the moves, Hitachi said last December that it will acquire Swiss heavy machinery maker ABB Ltd.'s power grid business. On Wednesday, it announced a plan to buy JR Automation Technologies LLC, a U.S. robotic system integrator.

[Copyright The Jiji Press, Ltd.]

Jiji Press