Money-losing Toshiba selling medical leasing unit to Canon
Tokyo : Embattled Japanese electronics maker Toshiba Corp. is selling its stake in a medical equipment leasing company to Canon Inc. for 3.14 billion yen ($27.7 million).
Toshiba said Tuesday it is selling its entire 65 percent stake in Toshiba Medical Finance Co. to Canon, a Japanese camera maker, effective March 31. Tokyo-based Toshiba has been in talks with Canon since late last year on the sale.
Toshiba, which owns U.S. nuclear company Westinghouse, is in deep trouble after suffering massive losses in its nuclear business. It has been selling off lucrative businesses such as its computer-chip operations.
It is projecting a 712.5 billion yen ($6.3 billion) loss for its nuclear business, and has been unable to report April-December financial results. Its chairman has resigned to take responsibility for the mess.