Hitachi warns of £5.5billion loss
Hitachi has warned of the biggest ever loss by a Japanese manufacturer – a net loss of £5.5billion.
Up to 7000 jobs are to be cut globally across its car equipment and electronics divisions.
The electronics manufacturer blames factors such as a weak automotive market, poor sales of flatscreen tvs, a stronger Yen and company restructuring costs. Hitachi now plans to exit unprofitable businesses, close plants and take further restructuring steps in a bid to cut 200bn Yen in fixed costs. There are also plans to reduce the number of its subsidiaries from 910 to 700 by March 2010.
