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    Hitachi Planning IPO for Its Storage Division

    By
    Chris Preimesberger
    -
    November 5, 2010
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      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.

      That compared with a net loss of 50.56 billion yen in the year earlier quarter. Operating profit rose more than fivefold to 129.57 billion yen from 25.84 billion yen, while revenue rose 5 percent to 2.35 trillion yen from 2.232 trillion yen.

      A main part of the resurgence of the company is due to its IT division, which makes servers, storage arrays, electronics components, automotive systems and chip-making equipment. Its storage group was among the most profitable.

      In a separate announcement, Hitachi said that it is now preparing to list the shares of its U.S.-based hard disk-drive unit, Hitachi Global Storage Technologies, on either the New York Stock Exchange or the Nasdaq Stock Market.

      However, the company has yet to decide when it will stage the initial public offering.

      Hitachi said it would use the funds acquired through the IPO for research and development and other strategic investments.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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