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IHI to unload Westinghouse stake www3.nhk.or.jp
Executives at struggling electronics maker Toshiba say they're going to buy all shares of their US nuclear-power subsidiary from major Japanese engineering firm IHI. Toshiba is predicting a loss of more than 6 billion dollars from its unit Westinghouse.
Toshiba will buy IHI's total stake, totaling 3 percent, for 157 million dollars in May.
Toshiba currently holds 87 percent of Westinghouse. Kazakhstan's state-run uranium mining company Kazatomprom has 10 percent.
IHI officials say the massive size of Toshiba's loss announced last week prompted them to ask Toshiba to buy them out to avoid any damage to their own business.
Toshiba purchased Westinghouse in 2006. It signed a contract with IHI at the time, stating it would purchase IHI's shares should the company want to unload them.
Published Date:2017-02-20
