Hitachi will transfer its consumer electronics and automotive systems units to two new entities, and has chosen a new president to oversee the restructuring, according to the Wall Street Journal.
Hitachi hopes that by reshuffling its business lines, it will establish a business structure that can respond adtroitly to changes in the marketplace and restore profitability, according to a story in the Wall Street Journal.
The story, written by Hiroyuki Kachi, said the company will turn its consumer electronics division into a 750 employee firm with annual sales of about $1.63 billion. The new unit will produce flat panel TV sets and commercial use liquid display crystal display projectors, and will partner with others in areas like optical disk drives and mobile phone handsets.
The company willl also create a new company for its automotive and equipment business, the story says. The new company will have 280 billion yen in sales and 7600 staff members and will focus on environment friendly and safety related technologies.
The company named Takashi Kawamura, currrent chairman of Hitachi Plant Technologies Ltd. and Hitachi Maxell Ltd., as its new chairman and president.
WSJ Online subscribers may read the full story here.