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Toshiba is a diversified electronics manufacturer, headquartered in Tokyo, Japan. The company's business segments are:
- Digital Solutions: AI technologies, IoT, ERP Solutions.
- Electronic Devices: small-signal devices, power devices, optoelectronic devices, storage devices, semiconductor manufacturing equipment, personal computers, televisions, refrigerators, washing machines and home appliance repair services.
- Social Infrastructure: broadcasting systems, road equipment systems, water supply and sewerage systems, environmental system, elevators and light emitting diode lights.
- Energy: nuclear power generation systems, thermal power generation systems, hydro, solar, geothermal and wind power generation facilities, fuel cells, power generation, and instrumentation and control systems.
Total float: 88.5%
- 16.2% Effissimo Capital Management Pte Ltd,
- 6.91% Farallon Capital Management LLC
- 5.85% Segantii Capital Management Ltd
- 5.22% King Street Capital Management LP
- 2.70% Vanguard Group Inc
- 2.53% Dai-ichi Life Holdings Inc
- 2.43% Nippon Life Insurance Company
- 2.36% 3D Investment Partners Pte Ltd
- 2.12% Toshiba Employees Stock Ownership Plan
- 1.45% Norges Bank Investment Management
|Nov.2018||NuGen/Moorside: Toshiba withdrew from the project after deciding to wind up NuGen. The site at Moorside will be handed over to the Nuclear Decommissioning Authority; the govt issued a statement reaffirming its commitment to new nuclear through its Industrial Strategy Nuclear Sector Deal.ref|
|Sept.2018||NuGen/Moorside: NuGen announced that it was reducing its staff by 60%; the remaining staff would focus on the sale of the project.ref|
|Aug.2018||Westinghouse: Toshiba announced it had completed the sale of its shareholding in Toshiba Nuclear Energy Holdings (UK) Ltd, the holding company for Westinghouse group operating companies outside the USA. The sale completes the divestment of all its previously-held Westinghouse-related shares.ref|
|Jul.2018||NuGen/Moorside: Kepco's preferred bidder status was terminated. Toshiba said it made the decision in order to "have opportunities to negotiate with Kepco as well as other companies due to excessive operating expenses" created by the delay in selling its stake in NuGen.ref|
|Mar.2018||NuGen/Moorside: Westinghouse was granted regulatory approval for its AP1000 nuclear reactor design to be used in the UK. Westinghouse insisted its filing for Chapter 11 bankruptcy in the USA would have "no impact" on its role in NuGen. NuGen's chief executive said: "Moorside’s 3 reactors will provide 7% of the UK's electricity needs from a low-carbon source". Kepco confirmed it is interested in buying into NuGen.|
|Mar.2018||NuGen/Moorside: Westinghouse applied to a New York Court for Chapter 11 protection from its creditors. The move throws doubt on the £15bn Moorside nuclear project, Europe's largest planned nuclear power plant, as Toshiba is a 60% shareholder in the NuGen consortium that is backing Moorside.|
|Jan.2018||Westinghouse: Toshiba agreed to sell 100% of Westinghouse to investors led by Brookfield Business Partners LP in a $4.6bn deal, as a services provider for existing nuclear plants. The sale of Toshiba's shareholding in Toshiba Nuclear Energy Holdings (US) Inc, the indirect holding company of Westinghouse Electric Company, was completed in April.|
|Dec.2017||Westinghouse: Toshiba said that Westinghouse had liabilities of $9.8bn due to huge increases in the cost of building nuclear reactors for US electricity companies. The nuclear power industry has faced a crisis of confidence since the 2011 meltdown at the Fukushima Dai-ichi nuclear power plant.|
|Dec.2017||NuGen/Moorside:After a review of the project in May,ref, Korea Electric Power Corporation (Kepco) was picked as the preferred bidder to acquire 100% of NuGen.ref Kepco intends to use its own reactor technology, which is yet to begin the regulatory process in the UK, which could delay the project by 4–5 years.|
|Sept.2017||Toshiba agreed to sell its prized flash memory chip unit to a consortium led by private equity firm Bain Capital LP. The Bain consortium includes Toshiba, which will reinvest 350.5bn yen; Apple Inc; Dell Inc; SK Hynix Inc and Japan’s Hoya Corp. See also Bloomberg, Jun.15.2017|
|May.2017||Westinghouse was building two nuclear power plants at Vogtle in Georgia, and two at VC Summer in South Carolina (abandoned in summer 2016), but delays and cost overruns led to its filing for bankruptcy in Mar.2017. Since seeking bankruptcy protection, it has said it will focus on decommissioning and nuclear services work. Westinghouse’s prospects for nuclear development have also been dented by the shale gas revolution in the US, which has brought cheaper power supplies and seen nuclear fall out of favour. |
|Apr.2017||NuGen/Moorside: Toshiba was forced to buy Engie out from the project for $138.5m, further straining its finances. Engie exercised its right to sell its 40% stake in the venture to Toshiba, following the bankruptcy of the Westinghouse nuclear power plant business. Greg Clark visited North Korea to try to salvage the NuGen project.|
|Feb.2017||NuGen/Moorside: Toshiba said last month it was reviewing all its nuclear business abroad after suffering a $multi-billion writedown on its US business. Engie has long been seen as wanting to get out of the project. Its chief executive said last year the future did not lie in nuclear power. Engie said that, along with Toshiba, it was seeking new investors to finance the Moorside plant, reported to include Korea Electric Power Corporation.|
|Dec.2013||NuGen/Moorside: Toshiba's Westinghouse acquired Iberdrola's 50% share for £85m.ref|
|Oct.17.2006||Westinghouse: The acquisition of Westinghouse for $5.4bn was completed. Toshiba obtained a 77% share, partners the Shaw Group (The Shaw Group) a 20% share, and Ishikawajima-Harima Heavy Industries Co. Ltd a 3% share.|
|Jan.2006||Westinghouse Electric Company: Toshiba won the auction; it will be Toshiba's US nuclear division. Westinghouse went on to build 4 AP1000 reactors in the USA, which resulted in $10bn cost overruns and Chapter 11 bankruptcy. "Such was the carnage that Toshiba was forced to flog its prized memory chip unit for $17.7 bn."|
|Jul.2005||British Nuclear Fuels Ltd confirmed it planned to sell Westinghouse Electric Company, estimated to be worth $1.8bn (£1bn).|
- Jul.2015: NuGen purchased the Moorside land near Sellafield it had an option on, for an undisclosed sum.ref
- Sept.2011: SSE announced that it was leaving the consortium. Engie and Iberdrola bought SSE out, increasing their stakes to 50% each. ref
- Oct.2009: the Nugen consortium bought an option to acquire land at Moorside, near Sellafield, from the Nuclear Decommissioning Authority. The company will make a final investment decision in 2015 with a view to starting production in 2023.ref
- Feb.2009: NuGeneration was established as a joint venture between Engie (37.5%), Iberdrola (37.5%) and Scottish and Southern Energy (25%). NuGen planned to build new nuclear power stations at Moorside, near the Sellafield complex: either 2 Areva 1,650 MWe EPR, or 3 Westinghouse 1,100 MWe AP1000 reactors.ref
- Nov.09.2018: Toshiba's failure shows business can't deliver a nuclear future. As Cumbria reactor plan stalls, it is clear that huge resources are needed for such projects. The govt advisory body, the National Infrastructure Commission, is unequivocal that renewables such as wind and solar are a safer, cheaper option – it is clear huge commitments of time, resources and political capital are necessary for infrastructure projects of this scale to get off the ground and through to completion. Phillip Inman, The Guardian.
- Nov.08.2018: UK nuclear power station plans scrapped as Toshiba pulls out. Firm’s nuclear arm to wind up next year and scrap Cumbria plant leaving big hole in UK energy plans. Toshiba said it would take a £125m hit from closing its NuGeneration subsidiary, which had already been cut to a skeleton staff, after it failed to find a buyer. The decision represents a major blow to the govt’s ambitions for new nuclear and leaves a huge hole in energy policy; the plant would have provided ~7% of UK electricity. “This is a huge disappointment and a crushing blow to hopes of a revival of the UK nuclear energy industry,” said former Tory MP Tim Yeo, chair of pro-nuclear industry lobby group New Nuclear Watch Institute. Adam Vaughan, The Guardian.
- Jan.04.2018: Brookfield Business Partners to buy Westinghouse for $4.6 billion. Some good info in here on Brookfield Business Partners Tom Hals, Jessica DiNapoli, Reuters.
- Jun.15.2017: Why Toshiba Can't Forget Its Memory Problem: QuickTake Q&A. Grant Clark, Pavel Alpeyev, Bloomerg Business Week.