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π Toshiba starts a new life
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Japanese multinational conglomerate electronics and electrical equipment manufacturer Toshiba was delisted on December 19 after 74 years of operation on the Tokyo Stock Exchange. The company's shares closed their last trading day at Β₯4590 (about $32).
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Former company employees believe Toshiba's difficulties were caused by a combination of poor strategic decisions and bad luck. Ten years of ineffective reforms and scandals eventually led to the company being bought out.
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The new owner of Toshiba is a consortium of investors led by the investment company Japan Industrial Partners. Also included in the group are financial services firm
Orix, utility Chubu Electric Power and chip maker Rohm. The deal was approved in March, its value was 2 trillion yen (about $14 billion). The corporation came into Japanese ownership after protracted disputes with foreign investor activists, due to which Toshiba was forced to abandon the production of batteries, chips, as well as equipment for the nuclear energy and defence industries.
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It's unclear what organizational form Toshiba will take under its new owners, but CEO Taro Shimada remains in his post and promises to focus on high-margin digital services.
Toshiba has already announced a joint project with Rohm to invest $2.7 billion in manufacturing capacity to jointly produce energy chips.
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The Japanese government promises to closely monitor the situation. The company employs about 106,000 people and some of its operations are considered critical to the country's national security.
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Let's see what comes of this.
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Profits to yβall!