Showa Denko Emerges as Potential Buyer of Hitachi Chemical

Economy

Tokyo, Nov. 26 (Jiji Press)--Showa Denko K.K. <4004> has emerged as a potential buyer of Hitachi Chemical Co. <4217>, a major subsidiary of Hitachi Ltd. <6501>, informed sources said Tuesday.

Hitachi is considering the possible sale of Hitachi Chemical and three other publicly traded subsidiaries as part of its efforts to focus more on information technology and social infrastructure operations.

Listed on the first section of the Tokyo Stock Exchange, Hitachi Chemical is about 51 pct owned by Hitachi.

Hitachi is placing greater focus on the business of solving social challenges using digital technologies, including the internet of things.

In line with the strategy, the company sold Hitachi Kokusai Electric Inc., a manufacturer of semiconductor-making equipment, and Clarion Co., a car navigation system maker, by March.

[Copyright The Jiji Press, Ltd.]

Jiji Press