Magnetics Business & Technology - July/August 2022 - 29

INDUSTRY NEWS
overall revenues of $7.3 billion, a 23% improvement. The magnetics
sector rose at a faster clip, bringing in revenues of $1.05
billion. A year ago, the company overall and its magnetics sector
were both mired in red ink. Meanwhile, the transaction with Bain
has encountered delays due to regulatory issues but apparently
is still on course.
Sales of rare earth magnets and ferrite magnets rose as automobile
manufacturers adjusted their production volumes upward,
the company reported. Demand in its rare earth magnets business
trended briskly upward, particularly for factory automation
and robotics.
Among power electronics materials, soft magnetic
materials and their applied products saw brisk
demand for use in telecommunications applications
such as smartphones, tablets and server equipment.
Demand for amorphous metals for transformers
also increased mainly in Asia. As a result,
sales of soft magnetic materials, and their applied
products increased. Sales of ceramic components
also increased due to an increase in demand for
use in automobiles as well as for server equipment
and continued strength in demand for use in medical
devices.
Earlier, the sale to Bain Capital was expected to
proceed in November but then encountered regulatory
delays over competition laws. Apparently,
the companies are proceeding with the structure
outlined in April 2021 when the proposed deal was
announced. The Bain consortium, which includes
two Japanese funds, planned to buy 53% of the
company owned by Hitachi and 47% owned by others,
capping a string of divestitures by Hitachi as it
reorganizes its business.
the world's leading players in magnetic materials and high-end
ferrite magnets with a strong research and development tradition
and deep ties with industry customers. But the business fell in recent
years, battered by Covid-19 fallout and certainly not helped
by a scandal involving the manipulation of quality inspection
data. Bain says that it hopes to support management in enhancing
competitiveness, particularly in high-growth sectors such as
vehicle electrification.
For more information see: https://www.hitachi-metals.co.jp/e/
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July/August 2022 * Magnetics Business & Technology 29
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