Toshiba Could Lose Billions From Troubled U.S. Nuclear Power Deal
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Shares in Toshiba fell nearly 12 percent in Tokyo on Tuesday after it said that it might need to write off several billion dollars related to an acquisition in the nuclear power sector.CreditBehrouz Mehri/Agence France-Presse — Getty Images
TOKYO — Toshiba, the Japanese technology conglomerate, has spent a decade and billions of dollars building itself into one of the largest players in the global nuclear power industry by buying up rivals.
The result has been a financial quagmire — one that is about to deepen.
Toshiba warned on Tuesday that it might need to write off “several billion U.S. dollars” because of its purchase of an American construction firm that specializes in nuclear power projects. In a statement, Toshiba said it was still figuring out the size of the write-off, which was related to its acquisition a year ago of the business, CB&I Stone & Webster…
Toshiba Could Lose Billions From Troubled U.S. Nuclear Power Deal
