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Toshiba loses trillions of yen in 100-year-old shop

Public number: TV House Source: Time: 2020-02-21 01:47:32

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Toshiba, which is in the process of operating reconstruction, released news on March 29, 2017 that its US nuclear power company Westinghouse Electric (WH) and two subsidiaries have applied to the New York Federal Bankruptcy Court for the application of Article 11 of the US Federal Bankruptcy Law.

According to data released by Toshiba, the total liabilities of the two companies totaled $ 9.8 billion. Affected by this, the ultimate loss of Toshiba's consolidated financial results for fiscal 2016 (as of March 2017) may reach 110 billion yen (approximately RMB 64.2 billion). This will exceed the 787.3 billion yen loss hit by Hitachi in fiscal 2008, the largest loss to date for domestic domestic manufacturing.

Westinghouse applies for bankruptcy protection

Westinghouse Electric used to be a key part of Toshiba's business diversification strategy. In 2006, Toshiba spent more than 600 billion yen to acquire Westinghouse Electric, whose parent company is located in the eastern state of Pennsylvania, as a subsidiary. Its main business projects are nuclear reactor manufacturing and nuclear power plant equipment. Construction, etc.

Now nuclear power business is facing huge losses, nuclear power projects in Georgia and South Carolina are not making good progress, Westinghouse Electric has already been in trouble, and this bankruptcy also announced that Toshiba's efforts to expand overseas nuclear power business ended in failure.

According to data compiled by Bloomberg, Toshiba ’s estimated loss will be the largest record in the history of Japanese manufacturing companies, more than double the company ’s estimated 390 billion yen loss last month.

Last month Toshiba said that due to rising costs, the prospects for nuclear energy operations were bleak, and the company expected to write down 712.5 billion yen in its nuclear power business. Toshiba also postponed the release of the fourth quarter financial report twice, and now sets the financial report on April 11.

Emmanuel Chua, senior analyst at Singapore Investment Bank Herbert Smith Freehills, said: "Toshiba's delay in publishing financial data earlier this year is actually a bad sign. The big question is that the restructuring plan is a recovery. Or is it really just a recurrence of 'missing opportunities'? "


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Toshiba President Satoshi Tsunakawa said the company would no longer face the risk of additional losses from overseas nuclear power projects. "The paper submitted by Westinghouse Electric today is an important step towards recovery and is also in line with our proposed goal of limiting the risks of overseas nuclear power business."

Japanese economic community: Does not want to sell Toshiba Semiconductor to China

To make up for the huge losses associated with U.S. nuclear electronics company Westinghouse Electric (WH), Toshiba will sell the NAND-type flash memory business, which has been the backbone of the business. NAND-type flash memory is a core component used in storage devices such as servers, and plays an important role in managing confidential information.

Toshiba plans to divest its semiconductor memory business and will set up a new company, Toshiba Memory, on April 1. Toshiba plans to sell more than half of the shares in the new company, but because buyers will hold higher shares, there are still many voices in the Japanese economic community worrying about technology outflows.

Toshiba ranks second in the world in the NAND flash memory business. At present, it has a cooperative relationship with the US Western Digital, which ranks third. Kobayashi said, "Toshiba has been co-producing semiconductors with American companies. How to prevent (technology outflow) at this level?" He also said that for the 4th Industrial Revolution, which uses IT technology to revolutionize the competitiveness of manufacturing, Technology "is an important part, and of course it should be considered (to prevent technology outflow)".

In addition to Western Digital (WD), which has a cooperative relationship in the production field, competing companies such as South Korea's SK Hynix also participated in the bid. As a partner, Taiwan's Hon Hai Precision Industry, a number of semiconductor companies, and European and American funds also seem to have proposed intentions.

Toshiba Independent Director Kobayashi also said on the 28th that "China has invested nearly 10 trillion yen to actively develop NAND-type flash memory because this is the core technology related to server security, the Internet of Things (IoT) and artificial intelligence (AI)." On this basis, Kobayashi further stated that "I want to ask if it is easy to give important technology to outsiders, I think it is not good."

And can this century-old store regain its new life through spin-off and reorganization? It takes time to give the answer. via: House of Finance

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