Toshiba may sell smart meter firm for US$2b to raise capital
Japan’s Toshiba Corp is preparing a potential US$2 billion (RM8.9 billion) divestment of smart meter group Landis+Gyr, hoping to rake in capital after a writedown on its nuclear unit last month, said people familiar with the matter.
Toshiba said it “is studying all options to strengthen profitability and its capital base, but no decisions have been made”.
Landis+Gyr, in which Toshiba owns a 60 per cent stake, has more than 5,700 employees and is active in over 30 countries.
It said last week sales would grow by nearly five per cent to US$1.64 billion in the fiscal year ending this month, adding it was “unaffected by Toshiba’s challenges”. Toshiba bought Landis+Gyr in 2011 for US$2.3 billion with statebacked Innovation Network Corporation of Japan, which holds the remaining 40 per cent.