Toshiba to split into two companiesSPIN-OFF: The Japanese company dropped its plan to split into three firms, citing higher-than-expected costs and an extensive process to list the two new entitiesAFP, TOKYOToshiba Corp yesterday announced plans to split into two companies, revising a controversial proposal to divide into three following a tumultuous period for the storied industrial conglomerate. The logo of Toshiba Corp at its headquarters in Tokyo is pictured yesterday. The firm also said it would unload its stake in air-conditioning business Toshiba Carrier Corp, and seek to sell its elevator and lighting units. Toshiba initially unveiled a plan to split into three in November last year, in what analysts called a test case for other Japanese giants. A two-way split instead “can significantly reduce separation costs, secure financial soundness for each company, and significantly reduce spin-off uncertainty,” the company said.

Source: Taipei Times February 08, 2022 03:56 UTC