Japan, Tokyo: Toshiba Corporation has decided to transfer all outstanding shares of Toshiba South America Ltda. (TSAL), Toshiba’s consolidated subsidiary in Brazil, to TSEA PARTICIPACOES S.A. (TSEA).
Toshiba has concluded the share purchase agreement with TSEA and once all procedures are completed, TSAL will be deconsolidated from Toshiba Group, the company stated in the press release.
TSAL was founded in 1968 as a transformer manufacturing plant, and has since expanded its scope of business to become the regional base for Toshiba’s energy and social infrastructure business.
Due to uncertain prospects of securing and improving profitability in the company’s core business, which is transformer development and manufacture, Toshiba has decided to select and concentrate its other businesses.
Toshiba will not immediately establish a new operation of transmission and distribution business in Brazil and South America, and all inquiries will be dealt with by Toshiba America Inc.
Source: Toshiba Corporation