Hitachi to sell half its digger unit stake for $1.6bn

Japanese industrial conglomerate Hitachi will sell about half of its stake in its construction machinery unit to a group including Itochu Corp. for 182.5 billion yen . The company will sell a 26.1% holding in Hitachi Construction Machinery Co. for 3 300 yen a share in June, Tokyo-based Hitachi Ltd. said Friday in a statement. That’s a premium to its closing price of 2 976 yen.

Itochu and Hitachi Construction Machinery have already operated a joint venture in Indonesia for 30 years. The deal will help Hitachi Construction develop an independent distribution and service network for its products in North America, after it announced plans to end a longtime alliance with US partner Deere & Co. last year. Hitachi Construction Machinery shares plunged 18% on Friday, the biggest drop since October 2008, a day after broadcaster NHK reported the sale of the company.

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