November 14, 2017 - 12:19 AM
TOKYO - Troubled Toshiba Corp. is selling 95 per cent of its TV and other visual products subsidiary to Chinese electronics maker Hisense Group.
Toshiba, which needs to sell parts of its business to survive, announced the 12.9 billion yen ($113 million) deal Tuesday. It's set to be completed by or after February 2018, pending regulatory approval and other steps.
The Japanese electronics, computer chip and nuclear giant said the deal will improve its financial results.
Tokyo-based Toshiba is suffering massive losses from its nuclear business. Its U.S. nuclear operations at Westinghouse Electric Co. filed for bankruptcy earlier this year.
It is also selling its chips business to a multinational consortium led by Bain Capital investment fund, but is meeting resistance from U.S. joint venture partner Western Digital.
News from © The Associated Press, 2017