Hitachi power tools division up for sale, says reports

Hitachi Koki, the power tool division of Hitachi, is reportedly up for sale, according to Reuters.

Private equity firm KKR & Co is in talks to buy the unit in a deal that is said to be worth over $1.3 billion. An anonymous insider gave Reuters the scoop.

Hitachi Koki responded to the story over the Christmas break: “No formal decision has been made in this regard currently, while Hitachi Koki and Hitachi Ltd are under discussion about the growth strategy of Hitachi Koki.”

Hitachi Koki acquired Germany-based power tool manufacturer matebo in March 2016, boosting its sales performance in Europe and contributing to 23% revenue growth to ¥85,867 million (Yen) in the six months to Sept 30th 2016.

There’s more on the story at Reuters.

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