Toshiba Machine Breaks from Parent Company

Toshiba Machine Breaks from Parent Company

Plastics Business

Toshiba Machine Co., Ltd. of Japan bought back 18.1 percent of the 20.1 percent of total shares of stock owned by Toshiba Corp., their previous parent company and top shareholder.

Toshiba Machine Chairman and CEO Yukio Iimura made a formal announcement of the break on March 3 at the company’s North American headquarters in Elk Grove Village, Illinois. The announcement was 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. According to Iimura, the transition for Toshiba Machine has been seamless, with no impact to its operations, customers, shareholders, employees or business partners. Toshiba Machine’s stock (TOKYO: 6104) currently is trending on par with 2014, one of the company’s best years.

“Buying back our shares provides greater flexibility so we can be even more responsive,” Iimura said. “We look forward to continuing our growth and industry-leading contributions to the markets we serve in the future.”

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