Hitachi, Ltd. officially announced that it will sell about half of its shares in its subsidiary, the construction machinery manufacturer Hitachi Construction Machinery, to major trading companies such as Itochu, while pursuing business selection and concentration.
According to the announcement, Hitachi will sell 26% of the shares of Hitachi Construction Machinery, a subsidiary that holds 51% of the shares, to a company established by ITOCHU and the domestic investment fund "Japan Industrial Partners".
The transfer price is 182.4 billion yen, and we are aiming to complete the transaction in June.
Hitachi Construction Machinery, which is listed on the First Section of the Tokyo Stock Exchange, manufactures and sells construction machinery such as hydraulic excavators, and aims to expand its business overseas, including the United States, with the support of ITOCHU Corporation.
On the other hand, ITOCHU, which acquires shares, is engaged in the sales of construction machinery and online rental business in North America, and aims to strengthen such business in collaboration with Hitachi Construction Machinery.
After the Lehman shock, Hitachi has sold all the shares of 22 listed companies' subsidiaries and lowered the ownership ratio, and this sale of Hitachi Construction Machinery's shares will take more than 10 years. The large-scale group reorganization that has been carried out will be the final stage.
Hitachi, which was a representative of conglomerates with various businesses, intends to continue accelerating structural transformation with the IT and digital fields as the pillars of management amid the rapid spread of decarbonization and DX = digital transformation. increase.