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Toshiba gropes for growth strategy with chip ops sell-off

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By Philippine News Agency

Toshiba shares fell over 17 percent on the Tokyo market following media reports of expanding losses at its US nuclear power business (AFP Photo/TORU YAMANAKA) / MANILA BULLETIN

Toshiba shares fell over 17 percent on the Tokyo market following media reports of expanding losses at its US nuclear power business (AFP Photo/TORU YAMANAKA) / MANILA BULLETIN

Toshiba Corp. is in dire need of a new growth strategy, with the fate of its core chip and nuclear power operations hanging in the balance as it makes last-ditch efforts to stay afloat.

Toshiba has said it expects a loss of 712.5 billion yen (USD6.23 billion) from its US nuclear business in the April-December period and that the technology conglomerate fell into negative net worth of 191.2 billion yen at the end of December.

At a press conference, Toshiba President Satoshi Tsunakawa did not rule out selling the firm’s entire chip business and reducing its stake in its US nuclear power unit Westinghouse Electric Co.

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