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Friday, January 30, 2009

Hitachi warns of $7.8 billion loss, to restructure

Hitachi Ltd warned of a record $7.8 billion annual loss due to weak sales, a firmer yen and costs to restructure its sprawling operations, joining a growing list of technology companies affected by the deepening recession.

That loss would be the biggest ever by a Japanese manufacturing company.

Hitachi, Japan's largest electronics maker with products ranging from rice cookers to nuclear reactors, said it would exit unprofitable businesses, close plants and take other restructuring steps in a bid to cut 200 billion yen in fixed costs by March 2010.


source: Yahoo News

http://ca.news.yahoo.com/s/reuters/090130/tecnology/ctech_us_hitachi_restructuring

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