Toshiba Chairman to Resign as Earnings Report Delayed
The company has projected a 712.5 billion yen ($6.3 billion) loss for its nuclear business related to the acquisition of CB&I Stone & Webster by its USA nuclear unit Westinghouse.
Toshiba was faced with cost overruns and construction delays in the wake of the 2011 Fukushima nuclear disaster, so it acquired nuclear construction outfit CB&I Stone and Webster in 2015.
Toshiba, founded in 1875, employs about 190,000 people and used to be one of the most respected brands of Japan Inc. Toshiba declined to comment on the audit process. The company's chairman Shigenori Shiga is also stepping down as of tomorrow.
"If we can find the right partner, we want to move in that direction", said Satoshi Tsunakawa, Toshiba's president and CEO. Equity to shareholders of the company is estimated to be a loss of 191.2 billion yen.
Shiga said that the losses are related to Toshiba's USA subsidiary, Westinghouse Electric, acquisition of nuclear construction and services business, CB&I Stone & Webster, from Chicago Bridge & Iron in 2015.
Tuesday was a chaotic day for Toshiba.
Final figures could rise further as the company also plans to write down the asset value of its US nuclear unit Westinghouse Electric Co. You have now viewed your allowance of free articles. It didn't give details about the alleged pressure.
The company is expected to restructure its nuclear business, though nothing has been confirmed yet.
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During the past few decades, Toshiba has been wholly or partly involved in the construction of 20 nuclear reactors in Japan, none of which are now operating following the triple meltdown at Fukushima Daiichi in March 2011.
Toshiba's US$5.4 billion acquisition of Westinghouse in 2006 was a bet on the future of nuclear power and a way to balance volatility of chip operations with steady long- term revenues. In June of 2016, Toshiba sold 80 percent of its stake in Toshiba Lifestyle.
A spokesperson also said something about finishing the two reactors built in the American states of Georgia and SC.
It is the Westinghouse acquisition of CB&I Stone & Webster assets that have caused it to fall behind schedule in publishing its financial statements. Westinghouse and its parent became the only guarantor on the projects, meaning that if the reactors couldn't be completed in a timely manner, Toshiba would shoulder the costs.
By September, Toshiba had 360 billion yen in capital.
"Toshiba will consider participating in the project without taking on any risk from carrying out actual construction work". "They are losing trust", said Ichiro Yamada, general manager of the equities department at Fukoku Mutual Life Insurance Co.
It has already sold its medical devices unit to camera and copier maker Canon and most of its appliance business to China's Midea Group.
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