Japan's Toshiba plans to sell non-core businesses lighting division

2022-02-16 11:00:18 lightaccom 498

Japan's Toshiba plans to sell non-core businesses lighting division

Japan's Toshiba announced a new spin-off plan on February 7. In November last year, it originally planned to split into three in accordance with the group's overall business content. Demolition, independence, and retaining the "basic business services" related to power generation equipment.

The spin-off plan announced by Toshiba in November 2021 originally intended to spin off the device business and basic business services, but it also attracted criticism from major shareholders and others. This time, after the revision, the number of spin-offs and independent companies has been reduced, the cost of related operations and stock listing procedures has been reduced, and the saved expenses will also be used for growth investment and stock dividends.

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Toshiba originally planned to implement a stock dividend of 100 billion yen in the next two years, but this time it hopes to increase it to 300 billion yen. Toshiba also revealed that they have asked Kioxia to carry out the IPO as soon as possible, and about 40% of Kioxia's funds come from Toshiba. Toshiba will hold a general meeting of shareholders in March, and the content of the proposal will be clearly recorded, and all the funds obtained from Kioxia shares will be used for stock dividends.

Toshiba also announced on the same day that 55% of the issued shares of Toshiba Carrier, the group's air-conditioning subsidiary, will be transferred to the joint venture partner, the American air-conditioning manufacturer Carrier (CARR-US), for an amount of about 100 billion yen. In addition, Toshiba will also sell the elevator and lighting business, and the procedures have also been started. The goal is to negotiate the conditions within 2022 (to the end of March 2023).

In addition, Toshiba also announced that ToshibaTec, a subsidiary that provides POS systems, will no longer be the focus of business development, and will enhance corporate value through business selection and concentration.