(Reuters) – Hitachi Ltd (6501.T), Japan’s largest electronics maker, plans to reorganize its core operations worldwide and wants to recast its nuclear power partnership with General Electric Co (GE.N), the Nikkei business daily reported, quoting the company’s President Hiroaki Nakanishi.
Stocks | Mergers & Acquisitions | Industrials
Hitachi will consider locating its headquarters for some business segments, including information technology and infrastructure, overseas, the paper said.
Hitachi has already rebuilt its hard-disk-drive segment, moving the headquarters to the United States, where it does most of its business, the newspaper said.
In the nuclear power segment, Hitachi and GE joined forces in 2007 and set up joint ventures in Japan and the United States, the daily said.
Hitachi owns 80 percent of the Japanese venture, while GE has a 60 percent stake in the American company, which caters to the United States and other overseas markets, the Nikkei said.
President Nakanishi said the foreign operations are not working out as Hitachi had initially expected, the daily reported.
The Nikkei said, Hitachi’s president also hinted that the company is mulling a new format in which it would exercise control over foreign sales of nuclear equipment. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)