Toshiba to withdraw from nuclear plant construction business

It will cease taking orders on nuclear station construction.

The Japan Times reported that Toshiba Corp. will cease taking orders related to the building of nuclear power stations, sources said Saturday, in a move that would effectively mark its withdrawal from the nuclear plant construction business.

The news comes amidst reports Toshiba’s chairman may resign over the massive write-down that has doomed the company’s U.S. nuclear business.

"The multinational conglomerate said Friday it will review its nuclear operations and spin off its chip business to raise funds in a bid to cover an expected asset impairment loss of up to ¥700 billion ($6.08 billion)," said The Japan Times.

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