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Hitachi bullish on prospects despite UK nuclear plant pullout

CEO Higashihara sees ABB power grid acquisition as 'black ship' of reform

Hitachi President and CEO Toshiaki Higashihara promised to make "contributions to infrastructure and employment in the U.K." despite ending its participation in a nuclear project. (Photo by Yuki Kohara)

TOKYO -- Hitachi's withdrawal from a 3 trillion yen ($28.4 billion) nuclear power plant project in the U.K. has not ended the Japanese industrial conglomerate's ambitions to become a "truly global company," according to CEO Toshiaki Higashihara.

In September, Hitachi pulled out of the massive Wylfa Newydd nuclear power project, which was once expected to meet 6% of the U.K.'s electricity needs and create thousands of jobs. The project had been stalled since January 2019 over a lack of progress in securing funds.

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