Tech Business
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Written by Gizmo
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Friday, 29 May 2009 09:04 |
By Greg Tarr -- TWICE, 5/26/2009 8:56:00 AM
Tokyo — As part of its
structural reform plan announced last March, Hitachi said Monday that
it will split off its consumer business group July 1 and establish a
new wholly owned subsidiary called Hitachi Consumer Electronics Co.
Shutoku Watanabe, current
Hitachi business group president and CEO, will serve as the new
company’s president and representative director. Hitachi
said the split was made due to the continued challenging business
environment for consumer electronics products, which has forced Hitachi
to “convert to a low-risk operating structure and improve earnings.”
These efforts have
included “sourcing glass panel components used in plasma TVs from
outside the Hitachi group and rightsizing the workforce since the
previous fiscal year,” the company said.
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