Tokyo, Apr 8 (EFE) .- The Japanese technology conglomerate Hitachi has given preferential treatment to the investment fund Bain Capital to negotiate the sale of its metal products subsidiary, in an operation estimated at 800,000 million yen (7,270 million dollars) , according to the Japanese newspaper Nikkei.
The operation would entail the sale of 53% of the stakes in Hitachi Metals, the part that is currently in the hands of the Hitachi Ltd group, according to the aforementioned media.
Hitachi Metals is listed on the Tokyo Stock Exchange and manufactures metal components for the automotive, electronics and infrastructure industries, among others.
The Japanese group has not confirmed for now the status of the negotiations, although it admitted at the end of 2020 that it was looking for a buyer for Hitachi Metals.
The conglomerate’s core business is electronic devices but aims to focus on information technology in the future, and since the 2008 financial crisis it has divested 20 of its 22 subsidiaries from different manufacturing and raw materials industries.
Hitachi Metals is one of the world’s largest producers of magnetic materials used in motors, among other components, and plans to post a net loss in the past fiscal year for the second year in a row. Last December it announced the cut of 3,200 jobs, 10% of its staff.
Following the release of the trading information, Hitachi Metals stocks were trading more than 4% higher on the Tokyo Stock Exchange, while those of the Hitachi group lost 1.2% in the first tranche of trading.
The US fund Bain Capital has already led an international consortium that was made in 2018 with Toshiba Memory, the former chip-producing subsidiary of the Toshiba group.
(c) EFE Agency