Japan’s Hitachi Ltd plans to sell a 60% stake in its foreign places dwelling equipment trade to Turkish consumer electronics maker Arcelik AS for roughly $300 million, and jointly fair the trade, the Nikkei newspaper said on Sunday.
The Jap industrial conglomerate targets to enhance profit thru the deal with the Turkish firm–which has a trade network in Europe and Africa–by expanding gross sales of its Hitachi-imprint dwelling equipment, the paper said with out citing sources.
The foreign places trade of Hitachi Global Life Solutions Inc, its dwelling equipment unit, is value about $500 million, in step with Nikkei. The unit sells products in China and Southeast Asia, but 80% of its income comes from Japan, the paper said.
The deal comes as Hitachi steps up trade divestments and is aimed at reinforcing the house equipment unit in opposition to fierce competition out of the country from Chinese language competitors, the paper said.
“The document is no longer in step with our announcement,” a Hitachi spokesman said.
“We’re making diversified issues to enhance our company imprint, but nothing concrete has been made up our minds.”
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