Jan 4, 2018
Toshiba to sell troubled Westinghouse unit
Toshiba's troubled nuclear division, Westinghouse Electric, is set to be acquired by a Canadian company in a deal valued at $4.6bn. The deal, which was announced by Westinghouse, would resolve the fate of a business that has weighed on the future of the Japanese conglomerate. Toshiba has struck deals to sell key assets, including its prized memory chip unit, in an effort to recover. It has been working to sell Westinghouse for months. The planned buyer of Westinghouse, Brookfield Business Partners, is the private equity division of Toronto-based Brookfield Asset Management. Toshiba acquired Westinghouse in 2006 for more than $5bn, but the prospects for nuclear power have dimmed, as oil and renewable energy costs decline and the Fukushima accident hurt the industry's reputation.
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