Toshiba Machine Splits from Parent Company
Toshiba Machine separates itself from parent's financial problems.
If any owners or potential buyers of Toshiba injection molding machines have been concerned by recent grim headlines from Japan, they apparently need not worry. On March 3, Toshiba Machine Co., Ltd. of Japan (U.S. office in Elk Grove Village, Ill.) bought back 18.1% of the 20.1% of total shares of its stock owned by Toshiba Corp., the previous parent company and top shareholder. “As a result, they are no longer our top shareholder and we no longer belong to the Toshiba Group,” said Toshiba Machine chairman and CEO Yukio Imura.
This announcement was made in response to speculations about Toshiba Machine’s financial soundness following reports that Toshiba Corp. had taken a loss of $6 billion in consequence of the bankruptcy of its Westinghouse Electric subsidiary in the U.S. Westinghouse foundered because of the drastic slowdown in U.S. construction of nuclear power plants. This has left the Toshiba parent company on shaky financial ground, according to reports in the business press.
According to Imura, the separation from the parent company has been seamless, with noimpact on its operations, customers, shareholders, employees, or business partners. Also substantiated is the value of Toshiba Machine’s stock, which is currently about even with 2014, one of the company’s best years.
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