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Hitachi To End Business Operations On Horizon Project - Quick Facts

Hitachi, Ltd. (HTHIF.PK,HTHIY.PK) said it will end business operations on the nuclear power plant construction project, the Horizon Project, in the United Kingdom, which was suspended in January 2019. Hitachi noted that the decision is not expected to have significant impact on its business results as the company had posted an impairment loss and other expenses on consolidated financial results for fiscal 2018 due to the suspension of the Project.

The Horizon Project is a proposal by Horizon Nuclear Power Limited, which Hitachi acquired in November 2012, to develop nuclear power stations comprising of two units of UK ABWR at Wylfa Newydd in Anglesey, North-West Wales. Hitachi decided to suspend the Project in January 2019, from the viewpoint of Hitachi's economic rationality as a private company.

Hitachi said it made the decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of COVID-19.

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