TOKYO -- Japan's Toshiba and IHI are dissolving a joint venture that manufactures nuclear power plant equipment, scaling back operations in a field battered by global trends toward renewable energy.
Toshiba IHI Power Systems will be dissolved and liquidated in November, and its roughly 80 employees will in principle be reassigned to other departments at the parent companies. The Fukushima nuclear disaster that occurred soon after the company was formed in 2011 has depleted global demand for new reactors, upending the business landscape.
