Scandal-Plagued Toshiba Abandans Elevator Biz for $943 MIllion
Toshiba (TYO:6502) today said it closed a deal worth nearly $943 million for its Kone Corp. elevator and escalator business, as it looks to recover from a $1.2 billion accounting scandal that’s already claimed it senior management team.
The Japanese conglomerate said the €35.75-per-share deal, valued at €864.7 million, is expected to yield profits of about $102.9 million (¥113 billion).
That will no doubt come in handy as Toshiba looks to right itself after an independent inquiry found that it inflated its profits by $1.2 billion over a period of several years.
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The Japanese conglomerate said the €35.75-per-share deal, valued at €864.7 million, is expected to yield profits of about $102.9 million (¥113 billion).
That will no doubt come in handy as Toshiba looks to right itself after an independent inquiry found that it inflated its profits by $1.2 billion over a period of several years.
Help employers find you! Check out all the jobs and post your resume.