Japan’s Hitachi Ltd plans to sell 60% stake to Arcelik AS.

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The Nikkei newspaper published on Sunday that Japan’s Hitachi Ltd plans to sell a 60% stake in its overseas home appliance business to Turkish consumer electronics maker Arcelik AS for about $300 million, and jointly operate the business.

 

The Japanese multinational conglomerate company headquartered in Chiyoda, Tokyo, Japan main aim for this deal between the Turkish’s Arcelik AS is to improve upon its profits. The Turkish company base is known for their business network in Europe and Africa.

 

According to the Nikkei paper, the Hitachi Global Solution Inc is worth about $300 million. The unit sells products in China and Southeast Asia, but 80% of its revenue comes from Japan.

 

The deal was as a result of the company stepping a business divestments in order to reinforce it sales to beat competition in the market force.

 

Source:

Reuters.

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