Nov 13 Hitachi Ltd subsidiaries Hitachi
Metals Ltd and Hitachi Cable Ltd plan to merge
in April, creating a materials producer with businesses ranging
from automotive and electronics parts to fiber optics, the
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