Toshiba Picking Up 1 Year after Going Private

Tokyo, Dec. 20 (Jiji Press)--Toshiba Corp. has fully put its turmoil behind it over the year since it went private through an acquisition led by investment fund Japan Industrial Partners Inc.

At the electronics and machinery giant, structural reform efforts are starting to bear fruit as the company reached its first anniversary of going private Friday.

Its biggest task is whether it can draw up a growth strategy that would get it back to its past glory.

Before going private on Dec. 20, 2023, Toshiba had long struggled to deal with activist investors, from whom the company accepted investments to stabilize its finances following an accounting scandal that came to light in 2015 and massive losses by a U.S. nuclear plant unit.

In May this year, Toshiba announced a turnaround plan aimed at raising the ratio of operating profit in revenue from slightly over 1 pct to 10 pct by fiscal 2026. It has decided to move its headquarters functions from Tokyo to Kawasaki, a city in neighboring Kanagawa Prefecture, and has cut roughly 3,500 jobs.

[Copyright The Jiji Press, Ltd.]