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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: etchmeister who wrote (16981)	12/28/2005 8:07:25 AM
From: Proud_Infidel	Respond to of 25522

Hitachi sells shares in fab-tool, IT units Mark LaPedus EE Times (12/27/2005 9:27 PM EST) SAN JOSE, Calif. — Seeking to raise much-needed cash, Japan’s Hitachi Ltd. on Tuesday (Dec. 27) said that it has sold a part of its holdings within its chip-equipment and systems integration subsidiaries on the open market for 18.6 billion yen ($158.5 million). In one transaction, Hitachi has sold 5 million shares in Hitachi High-Technologies Corp., a supplier of electron-beam tools and other semiconductor equipment. Following the sale, Hitachi still owns 70,807,382 shares, which represents a 51.4 percent stake in Hitachi High-Technologies. Hitachi also sold 3 million shares in Hitachi Systems & Services Ltd., a provider of systems integration services. Following the sale, Hitachi owns 12,800,000 shares, which represents a 51.2 percent stake in that unit. The sale is expected to record approximately 12 billion yen ($103.2 million) in income before taxes and minority interests and approximately 5.7 billion yen ($48.6 million) in net income on a consolidated basis. Hitachi does not expect that the sales would affect the business forecast for the fiscal year ending March 31, 2006, which was announced on Oct. 31, 2005. Amid mounting losses, Japan’s Hitachi recently reshuffled its management team and named a new chairman. And seeking to regain lost ground in ICs, Hitachi, Renesas Technology Corp. and Toshiba Corp. are expected to be among the first companies to form the long-awaited foundry fab venture in Japan, according to a report from Bloomberg on Tuesday (Dec. 28).