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Foxconn/Sharp scoop up Toshiba's PC business
Following the bankruptcy of its nuclear energy subsidiary Westinghouse, Toshiba is looking at various measures to get back on its feet. The PC business seems to be next on the review list.
Toshiba and Sharp signed a share purchase agreement that anticipates completion of all necessary procedures, including government approvals and the transfer of the stock, by October 1, 2018. After the share transfer is closed, Toshiba Client Solutions (TCS) will be deconsolidated from Toshiba Group. Toshiba transferred its PC business to TCS on April 1, 2016 as part of a wide ranging structural reform. TCS subsequently implemented a series of measures to stabilise the business, including shifting its focus to BtoB business, reviewing personnel and operating sites, and ending ODM procurement, while also investigating various strategic options with third parties. As a result of these considerations, Toshiba has determined that the best way to strengthen TCS, increase its corporate value, and also to secure global competitiveness and continued development of the business, is to select Sharp as its partner. Accordingly, Toshiba has decided to transfer 80.1% of its TCS shares to Sharp (which is controlled by Foxconn Technology) for for JPY 4 billion (EUR 30.7 million). Following the share transfer, Toshiba will continue to provide brand licensing for PC products and equipment designed, manufactured and sold by TCS, a press release states.
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