Hitachi will drop money-losing businesses that now bring in 1.6 trillion yen in annual sales for the Japanese electronics maker in an effort to return to profitability.

In announcing the revival plan Thursday, Hitachi President Etsuhiko Shoyama acknowledged the company has not grown globally competitive enough and must decide in the next year or two which operations it must abandon.

He refused to say which operations were being dropped, adding the situation remained "fluid."