TOKYO — Ill-fated investments in nuclear power projects by Toshiba of Japan have already precipitated an embarrassing accounting scandal at the company. Now the company is selling its most valuable business to try to undo the damage.
Toshiba, one of Japan’s oldest and proudest technology conglomerates, said on Friday it would spin off its microchip division. The business makes the information-storing “brains” inside millions of smartphones, digital cameras and other devices, and it has been the biggest contributor to Toshiba’s profits in recent years.
The move is evidence of Toshiba’s desperation for cash after the punishing nuclear-related losses came to light last month. read more here