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The four subsidiaries will be (1) infrastructure (including water treatment and railways); (2) energy (including thermal and nuclear power); (3) electronics (including data storage); (4) information and communications.
With the exception of the new energy subsidiary, the rest of the spin-offs would come into being in July 2017. Energy is set to be in effect in October.
Toshiba Corporation... commonly known as Toshiba and stylized as TOSHIBA, is a Japanese multinational conglomerate headquartered in Tokyo, Japan. Its diversified products and services include information technology and communications equipment and systems, electronic components and materials, power systems, industrial and social infrastructure systems, consumer electronics, household appliances, medical equipment, office equipment, as well as lighting and logistics.
One of Japan’s former tech giants is in the emergency room and struggling to stay alive, saying earlier this month that it doubted its “ability to continue as a going concern.” Its most recent hospital visit was caused by a disastrous acquisition. But its overall health has deteriorated over the past two decades, as it failed to age gracefully into a new global economy.
Go back eight decades, and Toshiba was at the forefront of technology discovery. Although its roots originate in the late 1800s, when the son of a tortoise-shell craftsman began developing telegraphic equipment, the present-day company was founded in 1939 as part of a merger between two Japanese companies, Tokyo Electric Company and Shibaura Engineering Works.
The companies were the innovators of their day. In 1921 Tokyo Electric invented the world’s first double-coiled light bulb, an innovation that remains in most incandescent bulbs. In the mid-20th century, the merged entity went on to push forward the technology in videotape recorders, television sets, air conditioners, and even mechanized mail-processing equipment.
Toshiba became one of the world’s top laptop vendors in the 1990s and 2000s, while maintaining its lead in NAND flash. Its computers filled the aisles of electronics retailers worldwide—by 2007, the company was responsible for 17.8% of all computer sales in retail stores in the US.
In 2015, an investigation spurred by a whistleblower revealed that the company had overstated operating profits by as much as $1.2 billion over the years of the PC business’s stark decline.
In 2006 the company paid $5.4 billion to buy Westinghouse, the US-based builder of nuclear power facilities.
The 2011 earthquake off the Pacific coast of Tōhoku… was a magnitude 9.0–9.1 (Mw) undersea megathrust earthquake off the coast of Japan that occurred at 14:46 JST (05:46 UTC) on Friday 11 March 2011…
The tsunami caused nuclear accidents, primarily the level 7 meltdowns at three reactors in the Fukushima Daiichi Nuclear Power Plant complex,
Toshiba’s subsequent write-down from that development came in at over $6 billion (pdf), more than it paid for Westinghouse in the first place. It’s possible it will book a net loss of $9.9 billion (paywall) for the fiscal year ending on March 31, 2017. The fallout has caused the company to consider selling its NAND flash business—its only division with reasonable prospects for survival—and has led it to spar with auditors and delay posting results for its just-ended fiscal year. If it doesn’t do so by May 15, it risks getting delisted.
Toshiba’s partners are preparing for the electronics giant for a possible bankruptcy filing in Japan, The Wall Street Journal reports, a move that would add to the uncertainty surrounding two nuclear power plants under construction in the U.S.