Hitachi Planning IPO for Its Storage Division
Hitachi said that it is preparing to list the shares of its U.S.-based hard disk-drive unit, Hitachi Global Storage Technologies, on either the NYSE or the Nasdaq. No date yet.Hitachi, the vast Japanese conglomerate buoyed by an improved fiscal Q2 2010 report after several quarters of massive losses, said this week that it wants to break out its storage division into its own entity and set up an initial public offering. The Japan-based multinational, ranked in the world's top 10 IT companies by revenue in 2009, on Nov. 4 reported a group profit of 71.99 billion yen ($893 million) in the period, its fiscal second quarter.
Hitachi said it would use the funds acquired through the IPO for research and development and other strategic investments.