Toshiba says agreed to sell white goods ops to China’s Midea Group

Monday, 21 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Toshiba Corp said on Thursday it had agreed to sell the majority of its white goods business to China’s Midea Group Co. Ltd.

The laptops-to-nuclear conglomerate is aiming to finalise the deal by the end of this month, with the two companies negotiating details, Toshiba said.

Toshiba is trying to overhaul its operations following last year’s revelations of overstated profits going back to around 2009.

Toshiba’s white goods business posted sales of 225 billion yen ($ 2.01 billion) in fiscal 2014. Midea Group is the world’s second-largest maker of white goods, according to Euromonitor.