Toshiba Completes Sale of U.S. LNG Biz
Tokyo, Sept. 2 (Jiji Press)--Toshiba Corp. <6502> has completed the procedures to sell its U.S. liquefied natural gas business to French energy giant Total SA, the Japanese electronics and plant maker said Monday.
The sale was part of Toshiba's business plans for fiscal 2019-2023 calling on the company to pull plug on LNG operations to avoid risks of incurring losses in the future.
Toshiba and Total struck the U.S. LNG deal at the end of May.
Estimating a loss of about 90 billion yen from the sale for the current business year through next March, Toshiba had set aside 89.3 billion yen in reserves as of the end of June.
[Copyright The Jiji Press, Ltd.]