Toshiba May Liquidate U.K. Nuclear Unit NuGen

Economy

Tokyo, Oct. 25 (Jiji Press)--Japan's Toshiba Corp. <6502> may liquidate its British nuclear business unit NuGeneration Ltd., or NuGen, if ongoing negotiations for its sale break down, it was learned Thursday.

Toshiba decided to pull the plug on its overseas nuclear plant construction business after incurring huge losses from its nuclear operations in the United States.

In July, Toshiba withdrew a preferential right for negotiations for the NuGen sale that had been given to Korea Electric Power Corp., which is affiliated with the South Korean government.

Since then, the major Japanese electronics and machinery maker has continued talks on the sale with companies including the South Korean firm. But the negotiations have hit a snag.

A Toshiba official said that the company has no plan to keep NuGen under its wing.

[Copyright The Jiji Press, Ltd.]

Jiji Press