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Hitachi to sell overseas home appliance business to Turkey's Arcelik
The Japanese conglomerate plans to sell the stake in the business run by its home appliance unit Hitachi Global Life Solutions Inc., as it seeks to establish sales channels in Europe and other markets abroad through the Turkish company's networks, the person said.
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People wearing protective masks, following the coronavirus disease (COVID-19) outbreak, walk past a screen showing Nikkei index outside a brokerage in Tokyo, Japan November 5, 2020. (REUTERS/Kim Kyung-Hoon)
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itachi is in the final stages of talks to sell a 60 percent stake in its overseas home appliance business to Arcelik A.S. of Turkey for around $300 million, a person familiar with the matter said Saturday.
The Japanese conglomerate plans to sell the stake in the business run by its home appliance unit Hitachi Global Life Solutions Inc., as it seeks to establish sales channels in Europe and other markets abroad through the Turkish company's networks, the person said.
Hitachi is in the midst of a restructuring drive to return its focus to its core operations such as infrastructure and information technology.
As part of such efforts, the company is considering selling all or part of its stake in its Hitachi Construction Machinery and Hitachi Metals subsidiaries, according to sources close to the matter.
Its home appliance business posted sales of 465.3 billion yen ($4.5 billion) in the year ended March 2020, mostly derived from the domestic market. China and other Asian nations remain the business's main overseas markets.
