Hitachi negotiating power tools sale

TOKYO — Hitachi Ltd. and U.S. investment group KKR & Co. are in talks over the sale of Hitachi’s power tools business, Hitachi Koki, an anonymous source has told Reuters. The source has direct knowledge of the negotiations, has spoken to the press without authorization, adding that the deal could be valued at more than $1.3 billion. If finalized, the sale would permit the Japanese conglomerate, which is majority owner of Hitachi Koki, to focus on its core business units. It has already divested several units deemed non-essential over the past few years.