Toshiba expects loss of $1bn over sell-offs

Toshiba expects loss of $1bn over sell-offs

Toshiba will be hit by losses of almost $1 billion after it was forced to let go of its UK and US energy businesses.

The move is part of the firm’s restructuring programme over the past three years that included the collapse of its US subsidiary Westinghouse Electric.

Toshiba’s UK business NuGeneration, also known as NuGen, is to be liquidated, despite the firm’s commitment to building Europe’s largest nuclear power station in Cumbria, UK.

Reports suggest that Toshiba will pay over $800 million to an anonymous overseas buyer to allow them to offload their US LNG business.

The company said it would also offer early retirement buyout for more than 1,000 staff, mainly at its energy business.

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