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NIPPON CHEMIPHAR CO., LTD.

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Japan's Hitachi to sell about 50% of its stake in construction unit

01/14/2022 | 04:20am EST
Logo of Hitachi Ltd. is pictured at CEATEC JAPAN 2016 in Chiba

TOKYO (Reuters) - Japan's Hitachi Ltd said on Friday it plans to sell about half of its stake in Hitachi Construction to trading company Itochu in a sale worth about 182.4 billion yen ($1.60 billion).

Itochu will buy Hitachi's stake for 3,300 yen a share with Japan Industrial Partners. Hitachi currently owns a 51.5% stake in the construction company.

The sale would represent a final tranche of Hitachi's decade-long business portfolio overhaul, in which it sold chip-making equipment manufacturer Hitachi Kokusai Electric and chemicals maker Hitachi Chemical in recent years.

Hitachi Construction, the smaller rival of Komatsu Ltd and Caterpillar Inc, generated 813 billion yen 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 around three-quarters of sales outside Japan.

($1 = 113.7100 yen) (This story corrects headline to clarify Hitachi is selling half of its own stake, not half of construction unit)

(Reporting by Sakura Murakami; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HITACHI, LTD. -0.11% 6377 Delayed Quote.2.47%
ITOCHU CORPORATION 5.46% 3648 Delayed Quote.-1.68%
KOMATSU LTD. -1.97% 2915 Delayed Quote.10.40%
NIPPON CHEMIPHAR CO., LTD. 0.35% 2007 Delayed Quote.-0.55%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
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Financials
Sales 2021 31 541 M 276 M 276 M
Net income 2021 495 M 4,32 M 4,32 M
Net Debt 2021 4 783 M 41,8 M 41,8 M
P/E ratio 2021 19,1x
Yield 2021 1,90%
Capitalization 7 221 M 63,2 M 63,1 M
EV / Sales 2020 0,44x
EV / Sales 2021 0,45x
Nbr of Employees 760
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Managers and Directors
Kazushiro Yamaguchi President & Representative Director
Masahide Yasumoto Director & Head-Information Systems
Masanori Kutsuwada Director, Head-Legal & Compliance
Shinji Nakajima Executive Officer & Manager-Administration
Yuji Harada Independent Outside Director
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