Toshiba to sell part of its memory business
Toshiba is not doing great and has decided to separate its memory business from the main company by the end of March. The split includes the SSD business but leaves the image sensor business untouched. The reason behind this move is the need to cover the several-billion hole made by the company's US nuclear business.
According to a report by Reuters quoted by ZDNet, "The company has yet to decide which assets and liabilities will be split off, though it plans to sell less than 20 percent of the business." Toshiba's NAND flash memory business is world's second largest, making up most of the company's operating profit.
The plan has not been approved yet, since the company has to receive approval for it during a shareholder meeting scheduled for late March. Reuters has also unveiled that the Westinghouse division, which is responsible for the troubled nuclear projects that caused the major financial losses mentioned earlier, will come under direct CEO supervision.