Toshiba buys SSD business from LITE-ON, sells U.S. LNG business to French oil firm Total
Topics: TOSHIBA U.S. LNG SSD TOTAL
Toshiba, which had announced the sales agreement with Total in June, sold Toshiba America LNG Corp. for $15 million Friday after judging that the plan to procure U.S.-manufactured LNG for Japanese utility companies was unlikely to achieve profitability as LNG prices have declined.
Following the removal of Toshiba America LNG from its group, Toshiba is expected to book a loss of around ¥90 billion ($847 million) in the current fiscal year to March. It will pay the French energy company $815 million to take on contracts to which the group had committed.
Toshiba Memory Holdings Corporation, which will rebrand as Kioxia Holdings Corporation on October 1, 2019, announced today that it has signed a definitive agreement with LITE-ON Technology Corporation to acquire its Solid State Drive (SSD) business. The purchase price is 165 million US dollars; the transaction is expected to close by the first half of 2020 and is subject to customary closing adjustments and regulatory approval. ■