Back The Economist Embattled Toshiba tries to sell its flash-memory unit
Search Sections 24 Jun
Close
Advertisement
18 May 10:46am

Embattled Toshiba tries to sell its flash-memory unit

The Economist
ONCE an electronics and nuclear-power empire that was the pride of corporate Japan, Toshiba is threatened with a stockmarket delisting. It missed a deadline to file its annual results, on May 15th, for the third time this year. In earnings estimates (auditors are refusing to sign off on its results), it warned of a loss close to ¥1trn ($9bn) for the financial year that ended in March. That is the steepest loss on record for a Japanese manufacturer. To make things worse, Western Digital, an American joint-venture partner in its semiconductor unit, last week took legal action to block Toshiba’s plan to shed their flash-memory business. The case could drag on, but Toshiba needs a sale. That would help cover a write-down of billions of dollars from Westinghouse Electric, its bankrupt American nuclear-power unit. The group’s chip business accounted for almost one-fifth of revenue in the nine months to December 2016; together, Toshiba and SanDisk, a subsidiary of Western Digital,...
Read full story
 Like Comment
Advertisement

Comments

No comments yet...
On the top

Date settings

Today is Saturday, June 24, 2017

+ 1 -
+ 1 -
+ 2016 -

Close

By using our website, you agree to the use of cookies as described in our cookie policy.

Accept

The Economist

Close