Tuesday, 14 March 2017

#BREAKING: Toshiba Confirms Plans To Sell US Nuclear Unit

Struggling electronics and machinery firm Toshiba Corp. has confirmed that it is considering selling U.S. subsidiary Westinghouse Electric Co. as one of its options in an ongoing review of its overseas nuclear operations.

Toshiba is expected to suffer a loss of up to ¥680 billion from its U.S. nuclear plant business.



Against this background, Toshiba aims to eliminate risks of incurring further losses in the future by selling Westinghouse or lowering its equity stake in the unit that builds nuclear power plants, the sources explained.

Toshiba bought Westinghouse for some ¥490 billion in 2006.

On the back of strong global demand for nuclear power plants, Toshiba had aimed to make nuclear operations its core business area along with semiconductors. Westinghouse is currently constructing four nuclear reactors in the United States and the same number in China.

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