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Hitachi Names Higashihara President, Makes Nakanishi CEO

Hitachi News Conference
Toshiaki Higashihara, incoming president of Hitachi Ltd., left, and Hiroaki Nakanishi, incoming chairman and chief executive officer of Hitachi Ltd., shake hands during a news conference in Tokyo. Photographer: Akio Kon/Bloomberg

Jan. 8 (Bloomberg) -- Hitachi Ltd., a Japanese maker of railcars, electronics and power station equipment, will consider mergers and acquisitions to expand its business, said its incoming president Toshiaki Higashihara.

“We will focus on timing when making M&As,” Higashihara, who will be promoted to president from senior vice president on April 1, told reporters in Tokyo today. “We will also look at partnerships.”

Hitachi has merged units, pared costs and cut television output under Hiroaki Nakanishi, the current president, to help improve competitiveness against Siemens AG and General Electric Co. The Tokyo-based industrial manufacturer is now focusing on expanding its infrastructure business and is setting up a factory in the U.K. to build trains after winning a tender in the country in 2012.

Higashihara, 58, who is currently in charge of the company’s infrastructure and medical businesses, joined the company in 1977, according to a statement sent to the Tokyo Stock Exchange today. Nakanishi will be elevated to chairman and chief executive officer, the company said in the release.

The Tokyo-based company has over the past three years sold its hard-disk drive business and announced plans to merge the energy-equipment businesses with Mitsubishi Heavy Industries Ltd.

To contact the reporters on this story: Chris Cooper in Tokyo at ccooper1@bloomberg.net; Kiyotaka Matsuda in Tokyo at kmatsuda@bloomberg.net

To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net

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