Toshiba has announced the schedule and new company name for its memory business to be spun off.
The decision of spinning off its memory business was announced on 27 Jan 2017 with new company name and schedule undecided. The new company name has now announced to be Toshiba Memory Corporation (Toshiba Memory). The new company has been established on 10 Feb 2017, and Toshiba’s memory business (including SSD business, while image sensor is not included) is expected to be transferred to it on 1 Apr 2017 after after an extraordinary general meeting of shareholders to be held on 30 Mar 2017.
Formerly Toshiba said it intents to sell up to 20% minority stake of its memory business. Toshiba says it is now considering to sell majority stake of the new company after the spin-off. While Toshiba says it aims to proceed as soon as possible and make final decision within early stage of 2017 fiscal year (ended 31 Mar 2018), it is not expected to solve its excessive debt situation caused by the huge loss of its nuclear business before 31 Mar 2017.