Japanese Hitachi announced on June 22 that the company plans to increase its annual procurement of materials and components from overseas suppliers by 150% over the period between fiscal 2009 and fiscal 2012, with an aim to reduce the current production costs by 30%-40%, the Kyodo News reported on June 22. The procurement, comprising materials and components for its major product portfolios such as electronics devices, will be valued at approximately three trillion Yen (US$3.35 billion; US$1 = 89.6 Yen), according to the same source. In addition, Hitachi stated that it expects the adoption of overseas materials and components to increase and the share of materials and components procured overseas to reach around 50% of the company's total procurement costs, up from 25% at present, according again to the Kyoto News.