In 2006, Toshiba bought Westinghouse Electric Company in one of the worst deals in history.
Westinghouse negotiated fixed price contracts to construct nuclear reactors and Toshiba provided financial guarantees, so they ended up on the hook for massive cost over-runs. In 2017 alone, Westinghouse reported an annual loss of $9bn. and declared themselves bankrupt.
Toshiba had to sell a load of businesses over the years to escape the Westinghouse black hole and repair their balance sheet.
Westinghouse negotiated fixed price contracts to construct nuclear reactors and Toshiba provided financial guarantees, so they ended up on the hook for massive cost over-runs. In 2017 alone, Westinghouse reported an annual loss of $9bn. and declared themselves bankrupt.
Toshiba had to sell a load of businesses over the years to escape the Westinghouse black hole and repair their balance sheet.