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Japan chipmaker to drop Toshiba name, seeking new start with IPO

Weak demand, plant power outage and management crisis plague company

The company will also rebrand, changing its name to Kioxia on Oct. 1 in a move to further distance itself from its troubled parent.

TOKYO -- Toshiba Memory Holdings faces an uphill struggle to an initial public offering that will extricate the leading Japanese chipmaker from the Toshiba group.

The company announced on Thursday that it will change its name to Kioxia on Oct. 1 in a move to further distance itself from the conglomerate.

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