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Toshiba Machine builds machine tools and injection molding equipment.

Toshiba to slash stake in machinery affiliate

Cash-strapped conglomerate eyes proceeds of $132m

| Japan

TOKYO -- Toshiba said Thursday it will unload the bulk of its holdings in affiliate Toshiba Machine, the latest step to improve its balance sheet after incurring a massive loss in the U.S. nuclear power business.

The Japanese company plans to sell an 18.1% stake, or about 30.2 million shares. Toshiba owns roughly 33.54 million shares in total, or around 20.1% of the company. After the deal, Toshiba Machine will no longer be an equity-method affiliate.

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