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Toshiba to sell air conditioning business?

JAPAN: Toshiba is set to sell its stake in its Toshiba Carrier air conditioning business to its US joint venture partner Carrier for around $870m, according to reports in Japan.

The sale of Toshiba’s 60% stake would bring to an end the Japanese/US joint venture agreement signed in 1999.

Under pressure from shareholders, Toshiba announced in November that it was considering splitting into three companies focused separately on energy and infrastructure, devices and memory chips.

Reports on the Nikkei website, yesterday, claim that Toshiba is now looking to split into two companies and offload its air conditioning business to Carrier. The newspaper claims that the deal has been agreed between the two companies.

In a statement, Toshiba did not confirm or deny the rumours but said: “It is a fact that we are considering improving the reorganization scheme and reviewing the portfolio as reported, and we will make a final decision in the future.”

The company added that its plans would be explained at its Toshiba Investor Relations meetings on Monday and Tuesday.

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