Nov 12, 2021
Japanese giant Toshiba announces breakup plan
Japanese conglomerate Toshiba has confirmed plans to split the company into three separate businesses. Toshiba said the three companies would be focused on infrastructure, semiconductors and devices. The company has come under increasing pressure from activist investors to make changes since an accounting scandal in 2015.This week, US giant General Electric announced a similar strategy that will see the historic company broken up. Toshiba expects to complete the reorganisation by the second half of 2023.The move is aimed to increase the stock market valuations of the company's different businesses after facing pressure from shareholders. The company said it will spin off its healthcare business in early 2023 and combine its renewable energy, fossil-fuel power and digital units into one company that will be spun off the following year.
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