Japanese industrial conglomerate Toshiba Corp has revealed that it is in last-stage of talks to sell its white goods business to Chinese household appliance giant Midea Group Co Ltd. It is expected that deal will fetch ten of billions of yen.
After tapping Toshiba’s sales network in Japan and Southeast Asia, Midea is planning to expand its business.
To reconstruct its white goods business, Toshiba was negotiating with other companies like Turkish maker Arcelik AS. However, it seems Midea made a better offer. Initially, Toshiba also considered integrating its white goods business with Sharp Corp, however, things didn’t materialise as Sharp agreed a takeover by Tiawan’s Hon Hai Precision Industry Co.
After meeting its fate with sweeping accounting scandal, Toshiba is struggling hard to regain its fortunes. Later this week, it is expected that Toshiba will pen down a deal with Canon Inc to sell its medical equipment and this deal might patch up its balance sheet.