Hitachi to cut additional subsidiaries

Nov. 4, 2002 – Tokyo, Japan – Hitachi plans to cut another 300 subsidiaries and affiliates after warning that it will not meet its initial full-year targets.

Hitachi’s integrated electronics group said it would reduce group companies from 1,200 to 900 over the next three years in an attempt boost profitability, reported the Financial Times.

Hitachi said there was little expectation of expanding operations and raising its profitability.

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