Hitachi, the Japanese industrial group, on Monday announced a sweeping restructuring of its operations and top-level management changes as it sought to tackle expected losses of Y700bn ($7.1bn) in the year to March.
Two of Hitachi’s largest operating divisions – the consumer business that makes electronic goods such as televisions and its automotive components business – will become independent, but 100 per cent-owned, subsidiaries. The goal is to speed decision-making and contribute to Y500bn in cost cuts during Hitachi’s next financial year.
