Hitachi to Prioritize Profitability in U.K. N-Plant Project

June 20, 2018

Tokyo- Hitachi Ltd. will put profitability first in a nuclear plant construction project in Britain, President and Chief Executive Officer Toshiaki Higashihara told shareholders Wednesday.

The Japanese machinery maker will base any decision about the project on economic rationality and keep in mind the concerns of its shareholders, Higashihara said. The project is expected to cost some 3 trillion yen.

Hitachi officials told the shareholders that the company will reduce risk involving a wholly owned British nuclear unit by reducing its stake in the subsidiary to less than 50 pct by soliciting investment from outside.

They also said the company plans to aim for further growth by expanding businesses abroad, including railway operations.

Hitachi shareholders approved the appointments of 12 board members, including Higashihara and Chairman Hiroaki Nakanishi.

Nakanishi recently became the first Hitachi executive to assume the post of chairman at the Japan Business Federation, or Keidanren, which is Japan's largest business lobby. Jiji Press