TOSYY Toshiba Corp (CE)

   By Kosaku Narioka 
 

Toshiba Corp. on Monday said it will sell a 55% stake in its air-conditioner joint venture to partner Carrier Global Corp. for about 100 billion yen ($868.1 million) in a bid to restructure its business portfolio.

The Japanese industrial company said Toshiba Carrier Corp. will continue to produce and sell Toshiba-branded air conditioners globally even as its stake in the joint venture will fall to 5% from 60%.

The sale transaction is expected to be completed by the end of September, subject to regulatory approvals, Toshiba said.

Toshiba said Friday that it was considering breaking up into two separate companies, revising its earlier plan for a three-way split. Toshiba said it planned to announce further details at an investor meeting to be held Monday and Tuesday.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

February 06, 2022 21:56 ET (02:56 GMT)

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