Hitachi sells car navigation unit Clarion for $700m

TOKYO -- Japanese electronics conglomerate Hitachi will sell its Clarion subsidiary, which makes car navigation systems, for around 80 billion yen ($713 million) to French auto parts maker Faurecia, Nikkei has learned.

As of the end of March, Hitachi held approximately 63% of Clarion shares. It is expected to sell more than a 50% stake in the company in response to Faurecia's tender offer.