Toshiba to sell stake
TOKYO: Toshiba Corp said it would sell stakes of five per cent each in two white goods manufacturing units to China’s Skyworth Digital Holdings — a move that comes amid a revamp of its operations in the wake of a $1.3 billion accounting scandal.
The sale is part of a broad agreement in which Toshiba will use the Chinese electronics maker and retailer’s local distribution network to sell refrigerators, washing machines and vacuum cleaners while winding down two China sales units. Toshiba added that it hoped to tap Skyworth’s expertise in low-cost operations to better compete in the Japanese market. Terms of the equity stake sales in the two China units were not disclosed. — Reuters