{"id":52475,"date":"2023-12-24T18:12:28","date_gmt":"2023-12-24T18:12:28","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/end-of-an-era-for-electronics-giant-toshiba"},"modified":"2023-12-24T18:48:24","modified_gmt":"2023-12-24T18:48:24","slug":"end-of-an-era-for-electronics-giant-toshiba","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/end-of-an-era-for-electronics-giant-toshiba","title":{"rendered":"End of an era for electronics giant Toshiba"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>There was a time when more than one of your TVs, computers, speaker systems or other essential electronic goods would have been made by Toshiba.<\/b><\/p>\n

Once a poster boy for Japan’s dominance in electronics – known as Japan Inc – the company has delisted, ending a 74-year history with Tokyo’s stock exchange.<\/p>\n

So why did one of Japan’s most famous industrial names have such a spectacular fall from grace?<\/p>\n

It all started in 2015 when accounting malpractices across multiple divisions came to light, with many of them involving top management.<\/p>\n

For seven years, Toshiba had overstated its profit by $1.59bn (\u00a31.25bn).<\/p>\n

In 2020, Toshiba found further accounting irregularities.<\/p>\n

There were also allegations related to corporate governance and the way in which shareholder decisions were made.<\/p>\n

An investigation in 2021 found that Toshiba had colluded with Japan’s trade ministry – which saw Toshiba as a strategic asset – to suppress the interests of foreign investors.<\/p>\n

At the time, experts said this made foreign investors uncertain about investing in Japanese stocks, making it not just a Toshiba problem, but an issue for Japan’s entire stock market.<\/p>\n

In late 2016, Toshiba said it would take charge of several billion dollars related to the construction of a nuclear power plant that US unit Westinghouse Electric had bought a year earlier.<\/p>\n

Three months later, Westinghouse filed for bankruptcy leaving Toshiba facing a collapse of its nuclear business and more than $6bn in liabilities.<\/p>\n

It sold off a slew of businesses including mobile phones, medical systems and white goods.<\/p>\n

Then it was forced to put its chip unit Toshiba Memory up for sale – a deal that was delayed for several months over a dispute with one of its partners.<\/p>\n

Toshiba set to end 74-year stock market history<\/p>\n

At a time when companies were investing heavily in the future of technology and innovation, Toshiba was having to sell off a prized asset to raise cash.<\/p>\n

Toshiba managed to secure a $5.4bn cash injection at the end of 2017 from overseas investors, helping it to avoid a forced delisting.<\/p>\n

But that meant activist shareholders had more say in the direction of the company.<\/p>\n

That lead to protracted battles that paralysed the maker of batteries, chips and nuclear and defence equipment.<\/p>\n

After a great deal of back and forth over whether the company should split up into smaller companies, Toshiba set up a committee to explore whether it could be taken private.<\/p>\n

In June 2022, Toshiba received eight buyout proposals.<\/p>\n

Earlier this year, the company confirmed it would be taken over by a group of Japanese investors led by state-backed Japan Investment Corp (JIC) for $14bn.<\/p>\n

It’s not clear how the new owners plan to turn around Toshiba but its outgoing chairman has said high-margin digital services will be a focus.<\/p>\n

JIP does have a track record in carving out businesses from big manufacturers including Sony’s laptop division and Olympus’s camera unit.<\/p>\n

After acquiring Sony’s Vaio laptop business in 2014, it helped the company achieve record sales this last year.<\/p>\n

But Toshiba is a much bigger company and the stakes are high: Toshiba employs around 106,000 people and some of its operations are seen as critical to national security.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. There was a time when more than one of your TVs, computers, speaker systems or other essential electronic goods would have been made by Toshiba. Once a poster boy for Japan’s dominance in electronics – known as Japan Inc – the company has delisted, ending a 74-year history with Tokyo’s stock exchange. 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