Hitachi Cuts Storage Losses
Acquisition of IBM's disk-drive operations improved the numbers for Hitachi's storage business. It still reported a loss for the fiscal 2003 but it was much less than expected.Hitachi Ltd. cut the losses in its hard-disk division (HDD) by about 75 percent, as Japans largest electronics company announced profitable third-quarter financials. "We had originally forecast an annual operating loss of [about $400 million] for the HDD business," said Hitachis executive vice president Yoshiki Yagi in a statement. "But thanks to restructuring efforts, the annual loss is now expected to come in around $103.4 million."
The improvement in its hard-disk drive business was aided by its acquisition of a major chunk of IBMs disk-drive operations.