TOKYO (AFP) — Hitachi Ltd. has no plans to buy General Electric's appliance-manufacturing business, its president said Monday, after the US conglomerate indicated it could be for sale.
GE chairman and chief executive Jeff Immelt said Friday his company has begun a review of its appliance-making operations that could involve a sale, spinoff or partnership with another company.
Hitachi president Kazuo Furukawa told a news conference that he was not considering buying the business from GE, with which the Japanese company has a tie-up in nuclear power plants.
Earlier this month Hitachi reported widening losses due to problems in its flat-panel business, but forecast a return to profit in the current year.
The Japanese company has no plan to give up its loss-making television businesses -- both LCDs and plasma displays -- despite an expected delay in its recovery until next year, Furukawa said.
"The business will further expand globally," he said.
"Although we are facing a hard time now, we are determined to make it a robust business," he said.
Hitachi's flat-screen TV business, which has weighed down its overall earnings, is expected to stay in the red for the current year to March 2009 and return to the black the following financial year, he said.
Earlier this month, Hitachi said losses related to its flat television business came to 100 billion yen (968 million dollars) for the year to March 2008, adding to Hitachi's overall annual net loss.
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