Japan's Hitachi Ltd plans to sell its majority stake in Hitachi Chemical, two sources with direct knowledge of the matter told Reuters, in what would mark the latest deal by the sprawling conglomerate to streamline its businesses. Hitachi, Japan's largest manufacturer by revenue apart from automakers, has been reorganising its structure in recent years, selling non-core assets while investing in energy and other businesses where it sees opportunities.
The sale of Hitachi Chemical could start as early as next month, one of the sources said, adding that the unit could attract strategic suitors as well as buyout funds. Both sources declined to be identified as the information is not public.
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