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Toshiba Machine Buys Back Stake from Parent Company
Thursday 20 April 2017

20 April 2017 - Japanese heavy machine manufacturer Toshiba Machine Co., Ltd. of Japan has bought back 18.1% of the 20.1% of total shares of stock owned by Japanese conglomerate Toshiba Corp., its previous parent company and top shareholder, the company said.

As a result, Toshiba Corp is no longer Toshiba Machine's top shareholder and Toshiba Machine no longer belong to the Toshiba Group.

This formal announcement was made in response to rumors about Toshiba Machine's financial soundness following a recent statement by Toshiba Corp., which reported significant losses in its nuclear power business.

Since its establishment in 1938 as a heavy machine tool manufacturer, Toshiba Machine has evolved into a diverse business comprised of approximately 48 regional companies and offices supplying global markets with injection molding machines, machine tools, die-casting machines, extruders, robotics and high-precision machines.

The company has an installation base of more than 60,000 injection molding machines worldwide, owns all of the buildings in which it operates, stocks substantial inventories of spare parts and employs more than 3300 professionals worldwide including a large sales force.
Details
Date Published: 20/04/2017
Target: Toshiba Machine Co/18.1%
Country: Japan
Deal Size: 120m (USD)
Sector: Machinery/Engineering
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Toshiba Corp
Buyer: Toshiba Machine Co
Comment:
Toshiba Machine Co buys back most of stake held by parent

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