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Toshiba's memory chip business centers on its Yokkaichi complex near Nagoya.

Toshiba shareholders approve spinning off chip business

Troubled Japan Inc. cog clears another hurdle on path to recovery

SHOTARO TANI, Nikkei staff writer | Japan

TOKYO -- Toshiba shareholders approved the conglomerate's plans to spin off its chip business, an important step in the 140-year-old corporation's battle to find a path back to recovery.

The decision was reached on Thursday at an extraordinary general meeting of shareholders in Chiba. The meeting came a day after Toshiba announced that it will fall further into negative net worth in the current fiscal year, through Friday, after Westinghouse Electric, a nuclear subsidiary, filed for bankruptcy protection in the U.S.

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