Toshiba Announces 2-Way Split, Revising 3-Way Plan

Economy

Tokyo, Feb. 7 (Jiji Press)--Japan's Toshiba Corp. <6502> on Monday announced a plan to split into two companies, revising its earlier plan that envisioned a three-way split.

Toshiba previously planned to spin off its two core businesses of infrastructure and devices into separate companies and take them public during the six months through March 2024.

But major shareholders have opposed the three-way split, leading Toshiba to change course only three months after announcing the plan.

Under the revised plan, Toshiba will spin off the devices business while keeping the infrastructure business and shareholdings in chipmaker Kioxia Holdings Corp.

Toshiba also said it will sell a 55 pct stake in air conditioner-making joint company Toshiba Carrier Corp. to U.S. partner Carrier Global Corp. in a deal worth some 100 billion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press