Posted: Wednesday, May 28, 2008, 9:40AM
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Hitachi announces plans to slash procurement costs
Japanese technology giant Hitachi has announced plans to slash its procurement costs by 300 billion yen ($2.9 billion) in an attempt to help it cope with the soaring cost of commodities and oil.
The company said it plans to cut its overheads by 15 billion yen, while reserving 5 billion yen in cash and cash equivalent to cover the increasing cost of borrowing.
Hitachi want to achieve a consolidated operating profit ratio of five percent in the year to March 2010 – a tripling of the 1.8 percent figure recorded in March 2007.
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