The logo of Japanese industrial group Toshiba is seen on top of a building at its headquarters in Tokyo on February 7, 2022. Japan’s Toshiba on Monday 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 firm also said it will unload its stake in air-conditioning business Toshiba Carrier and seek to sell its elevator and lighting units. Toshiba initially unveiled a plan to split into three last November, in what analysts called a test case for other Japanese giants. But Tsunakawa said that would be offset by plans to reduce operating costs by 30 billion yen annually.The Japanese giant wants the split finalised by the second half of the 2022-23 financial year, but it could yet face shareholder opposition.
Toshiba dates back to 1875 and was once a symbol of Japan’s advanced technological and economic power, but it has been mired in turmoil for several years.
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