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Toshiba mulls sell off all of chip business

15 February, 2017, 00:43 | Author: Eddie Kim
  • Now they are getting set to post a group net loss of about $3.52 billion for the nine months through December

Toshiba Corp has delayed its earnings release, including details of a multi-billion charge related to cost overruns at its US nuclear arm.

The company said Shigenori Shiga, the chairman, will step down from the board but stay on as a Toshiba executive.

Shiga was one of the team that took control of Toshiba after the accounting scandal of 2015.

Toshiba had attempted to avoid the $6.3 billion write-down by selling a 20 percent stake in its profitable memory business.

As a result shareholders' equity at the end of December was minus $1.7 billion.

Shaw and Toshiba bought Westinghouse in 2006. Toshiba, however, had warned investors last month that it would announce goodwill impairment associated with the nuclear construction projects in the United States, and its February 14 announcements said the figures contained in it are not final and fully audited numbers will be issued March 14, after Japanese authorities allowed the company more time to file. Toshiba confirmed today that it will take a $6.3 billion hit thanks to its problematic US-based nuclear construction business. Japan's nuclear sector was thrown into crisis after multiple meltdowns of reactors at a power plant in Fukushima prefecture triggered by the March 2011 quake and tsunami.

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Whistleblowers have flagged concerns that senior management at Westinghouse exerted "inappropriate pressure" to advance the acquisition process, Toshiba said.

Tom Greatrex, chief executive of the UK Nuclear Industry Association, said: "Building new nuclear capacity in west Cumbria is an integral part of the UK being able to replace old power stations, keeping a balanced mix as carbon emissions are reduced". Mr. Tsunakawa said Toshiba was willing to sell a majority stake in Westinghouse, but analysts said they doubted anyone would want to buy it.

To end litigation over cost overruns, Westinghouse in 2015 made a deal to acquire Stone & Webster, its construction partner on the USA nuclear projects.

Toshiba itself has been more ambiguous.

In England, Toshiba's announcement that it would withdraw from nuclear construction contracts outside of Japan hasn't played well.

Toshiba is attempting to recover after it emerged in 2015 that profits had been overstated for seven years, prompting its boss to step down.

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