Hitachi Metals, Hitachi Cable to merge: Nikkei
(Reuters) - Hitachi Ltd (6501.T) subsidiaries Hitachi Metals Ltd (5486.T) and Hitachi Cable Ltd 5812.T plan to merge in April, creating a materials producer with businesses ranging from automotive and electronics parts to fiber optics, the Nikkei reported.
The enlarged Hitachi Metals will have nearly 1 trillion yen ($12.59 billion) in annual revenue, the Japanese daily said.
Hitachi Metals reported sales of 556.9 billion yen for the year ended March 31, while Hitachi Cable's sales were 432.5 billion yen, the daily said.
Hitachi Cable, which makes electrical wires, semiconductors and electronic materials, is bracing for the fifth consecutive year of net loss, the daily said.
Hitachi Metals controls roughly 40 percent of the global market for high-performance magnets used in drive motors for hybrid and electric vehicles, the Nikkei said.
($1 = 79.4200 Japanese yen)
(Reporting By Pallavi Ail in Bangalore; Editing by Don Sebastian)