Toshiba Corporation

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Corporate Political Engagement Rating[1]
Transparency International    F  

Toshiba is a diversified electronics manufacturer, headquartered in Tokyo, Japan. The company's business segments are:[1]

  1. Digital Solutions: AI technologies, IoT, ERP Solutions.[2][3]
  2. 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.[4][5]
  3. Social Infrastructure: broadcasting systems, road equipment systems, water supply and sewerage systems, environmental system, elevators and light emitting diode lights.[6][7]
  4. 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.[8]



Total float: 88.5%
Source: MarketScreener.svg, Mar.2020




Nov.2018NuGen/Moorside: Toshiba withdrew from the project after deciding to wind up NuGen.[2][3] 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.2018NuGen/Moorside: NuGen announced that it was reducing its staff by 60%; the remaining staff would focus on the sale of the project.ref
Aug.2018Westinghouse: 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.2018NuGen/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.2018NuGen/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.[4]
Mar.2018NuGen/Moorside: Westinghouse applied to a New York Court for Chapter 11 protection from its creditors.[5] 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.[6] 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.2017Westinghouse: 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.[5]
Dec.2017NuGen/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.[7]
Sept.2017Toshiba 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.[8][9] See also Bloomberg, Jun.15.2017
May.2017Westinghouse 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.[10] 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. [6]
Apr.2017NuGen/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.[11] Greg Clark visited North Korea to try to salvage the NuGen project.[12]
Feb.2017NuGen/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.[13]
Dec.2013NuGen/Moorside: Toshiba's Westinghouse acquired Iberdrola's 50% share for £85m.ref
Oct.17.2006Westinghouse: The acquisition of Westinghouse for $5.4bn was completed. Toshiba obtained a 77% share, partners the Shaw Group (The Shaw GroupWikipedia-W.svg) 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."[14]
Jul.2005British Nuclear Fuels Ltd confirmed it planned to sell Westinghouse Electric Company, estimated to be worth $1.8bn (£1bn).[15]



See also Moorside nuclear power stationWikipedia-W.svg, NuGenerationWikipedia-W.svg.

  • 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 Adam Vaughan, The Guardian.


  1. ^ Corporate Political Engagement Index 2018. The new index of 104 multi-national companies, many of whom regularly meet with govt, has found nearly 75% are failing to adequately disclose how they engage with politicians. Only one company received the highest grade, with the average grade being "E" – representing poor standards in transparency. Transparency International UK, Nov.2018.
  2. ^ Toshiba pulls out of UK nuclear power venture. It has decided to wind up its nuclear arm, NuGeneration, which planned to build the Moorside project. Priyanka Shrestha, Energy Live News, Nov.08.2018.
  3. ^ Blow for UK energy strategy as Toshiba winds up nuclear project. Emily Gosden, The Times, Nov.08.2018.
  4. ^ Westinghouse reactor passes UK test. Westinghouse’s AP1000 design reactor, for use by the Toshiba-led Nugen venture at Moorside, Cumbria, north of the Sellafield nuclear plant, has passed the UK’s Generic Design Assessment process. Emily Gosden, The Times, Mar.31.2018.
  5. ^ a b Toshiba’s nuclear unit files for bankruptcy protection. Toshiba has projected a loss of more than £7bn after its disastrous investment in nuclear power ended in a bankruptcy protection filing in an American court. Westinghouse Electric, its US nuclear division, applied to New York court for Chapter 11 protection from its creditors yesterday. The move throws doubt on the £15bn Moorside nuclear project in Cumbria, Europe's largest planned nuclear power plant, as Toshiba is a 60% shareholder in the NuGeneration consortium that is backing Moorside alongside ENGIE. A Westinghouse spokeswoman said the court application would have no impact on the NuGen project. The nuclear power industry has faced a crisis of confidence since the 2011 meltdown at the Fukushima Dai-ichi nuclear power plant. Richard Lloyd Parry, The Times, Mar.30.2018.
  6. ^ a b Toshiba sells troubled Westinghouse after costs jump at US nuclear reactor sites. Toshiba has sold Westinghouse Electric Company, the nuclear unit that sought bankruptcy protection last year, to investors led by Brookfield Business Partners LP. The troubled Japanese conglomerate had been looking to offload Westinghouse after spiralling costs from the division’s disastrous attempts to build nuclear reactors in the USA. Emily Gosden, The Times, Jan.05.2018.
  7. ^ Kepco Picked as Top Bidder for Toshiba's UK Atomic Project. Korea Electric Power Company (Kepco) has been picked as the preferred bidder for Toshiba Corp's nuclear reactor project in the UK amid a push by the South Korean company to expand into the international market. The deal could be completed in the first half of 2018. The development aims to complete a plant with about 3 Gw of capacity by ~2030. Heesu Lee, Stephen Stapczynski, Bloomberg, Dec.06.2017.
  8. ^ Bain-Led Group to Buy Toshiba Chip Unit in $18 Billion Deal. Toshiba is selling off its chips business to pay for $bns in losses in its US nuclear business; it needs to raise the money by Mar.2018 to avoid being delisted from the Tokyo Stock Exchange. Pavel Alpeyev, Yuki Furukawa, Bloomberg, Sept.20.2017.
  9. ^ Toshiba to sell chip unit to Bain Capital-led group for $18 bn. Makiko Yamazaki, Reuters, Sept.20.2017.
  10. ^ Power plant owners limit Toshiba's Westinghouse liabilities. Tom Hals, Jessica DiNapoli, Reuters, May.14.2017.
  11. ^ UK's Moorside nuclear project in turmoil as Toshiba's French partner backs out. Troubled tech giant Toshiba forced to take sole ownership of NuGen after Engie sells its 40% stake, adding to uncertainty over plan for 3 reactors The Guardian, Apr.04.3017.
  12. ^ Britain turns to South Korea to salvage Moorside nuclear project Read article on Reddit The Financial Times, Apr.03.2017.
  13. ^ Blow to UK nuclear strategy as Toshiba considers pulling out of Cumbria plant. Adam Vaughan, The Guardian, Feb.03.2017.
  14. ^ No surprise Toshiba went cold on idea. Alistair Osborne, The Times, Nov.09.2018.
  15. ^ BNFL plans to sell Westinghouse. British Nuclear Fuels (BNFL) confirmed controversial plans to sell its US-based nuclear power station construction unit Westinghouse. BBC News, Jul.01.2005.