JAPAN'S TOSHIBA SPINS OFF ENERGY, COMPUTER DEVICE UNITS

Embattled Japanese technology conglomerate Toshiba said it is restructuring to improve its competitiveness, spinning off its energy infrastructure and computer devices businesses.

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The energy infrastructure spinoff will include Tokyo-based Toshiba Corp.’s nuclear power operations, including the decommissioning efforts at the nuclear plant in Fukushima that suffered meltdowns after an earthquake and tsunami in March 2011.

The energy business will also include the company’s sustainable energy and battery businesses. Its annual sales total about 2 trillion yen ($18 billion).

The other spinoff and stand-alone company encompasses Toshiba’s computer devices and storage operations, with annual sales of 870 billion yen ($7.6 billion).

Toshiba will remain a third independent company, holding what’s left, such as its flash memory company Kioxia Holdings Corp. and Toshiba Tec Corp., which makes office equipment.

Such a major restructuring is unusual for a big Japanese company. But Toshiba is not alone in deciding that a sprawling conglomerate may not be the best fit for the times.