History Toshiba

1 history

1.1 1939 2000
1.2 2000 2010
1.3 2010 2013
1.4 2014 ocz storage solutions acquisition
1.5 2015 accounting scandal
1.6 2017 nuclear construction liabilities
1.7 company president (successive management)

history
1939 2000

toshiba founded in 1939 merger of shibaura seisakusho (shibaura engineering works) , tokyo denki (tokyo electric). shibaura seisakusho had been founded tanaka seisakusho tanaka hisashige in july 1875 japan s first manufacturer of telegraph equipment. in 1904, renamed shibaura seisakusho. through first decades of 20th century, shibaura seisakusho had become major manufacturer of heavy electrical machinery japan modernized during meiji era , became world industrial power. tokyo denki founded hakunetsusha in 1890 , had been japan s first producer of incandescent electric lamps. later diversified manufacture of other consumer products , in 1899 had been renamed tokyo denki. merger of shibaura , tokyo denki created new company called tokyo shibaura denki (tokyo shibaura electric) (東京 芝浦 電気). nicknamed toshiba, not until 1978 company officially renamed toshiba corporation.

the toshiba pavilion @ expo 85.

the group expanded rapidly, driven combination of organic growth , acquisitions, buying heavy engineering , primary industry firms in 1940s , 1950s. groups created include toshiba music industries/toshiba emi (1960), toshiba international corporation (1970s) toshiba electrical equipment (1974), toshiba chemical (1974), toshiba lighting , technology (1989), toshiba america information systems (1989) , toshiba carrier corporation (1999).

toshiba responsible number of japanese firsts, including radar (1912), tac digital computer (1954), transistor television , microwave oven (1959), color video phone (1971), japanese word processor (1978), mri system (1982), laptop personal computer (1986), nand eeprom (1991), dvd (1995), libretto sub-notebook personal computer (1996) , hd dvd (2005).

in 1977, toshiba acquired brazilian company semp (sociedade eletromercantil paulista), subsequently forming semp toshiba through combination of 2 companies south american operations.

in 1950, tokyo shibaura denki renamed toshiba. past logo used 1950-1969.



past toshiba logo used 1969 1984.



current toshiba logo used since 1984.

in 1987, tocibai machine, subsidiary of toshiba, accused of illegally selling cnc milling machines used produce quiet submarine propellers soviet union in violation of cocom agreement, international embargo on countries comecon countries. toshiba-kongsberg scandal involved subsidiary of toshiba , norwegian company kongsberg vaapenfabrikk. incident strained relations between united states , japan, , resulted in arrest , prosecution of 2 senior executives, imposition of sanctions on company both countries. senator john heinz of pennsylvania said toshiba , kongsberg did ransom security of united states $517 million.

2000 2010

in 2001, toshiba signed contract orion electric, 1 of world s largest oem consumer video electronic makers , suppliers, manufacture , supply finished consumer tv , video products toshiba meet increasing demand north american market. contract ended in 2008, ending 7 years of oem production orion.

in december 2004, toshiba quietly announced discontinue manufacturing traditional in-house cathode ray tube (crt) televisions. in 2006, toshiba terminated production of in-house plasma tvs. ensure future competitiveness in flat-panel digital television , display market, toshiba has made considerable investment in new kind of display technology called sed. before world war ii, toshiba member of mitsui group zaibatsu (family-controlled vertical monopoly). today toshiba member of mitsui keiretsu (a set of companies interlocking business relationships , shareholdings), , still has preferential arrangements mitsui bank , other members of keiretsu. membership in keiretsu has traditionally meant loyalty, both corporate , private, other members of keiretsu or allied keiretsu. loyalty can extend far beer employees consume, in toshiba s case asahi.

in july 2005, bnfl confirmed planned sell westinghouse electric company, estimated worth $1.8 billion (£1 billion). bid attracted interest several companies including toshiba, general electric , mitsubishi heavy industries , when financial times reported on 23 january 2006 toshiba had won bid, valued company s offer @ $5 billion (£2.8 billion). sale of westinghouse government of united kingdom surprised many industry experts, questioned wisdom of selling 1 of world s largest producers of nuclear reactors shortly before market nuclear power expected grow substantially; china, united states , united kingdom expected invest heavily in nuclear power. acquisition of westinghouse $5.4 billion completed on 17 october 2006, toshiba obtaining 77 percent share, , partners shaw group 20 percent share , ishikawajima-harima heavy industries co. ltd. 3 percent share.

in late 2007, toshiba took on discover card sponsor of top-most screen of 1 times square in new york city. displays iconic 60-second new year s countdown on screen, messages, greetings, , advertisements company.

in january 2009, toshiba acquired hdd business of fujitsu.

2010 2013

toshiba announced on 16 may 2011, had agreed acquire of shares of swiss-based advanced-power-meter maker landis+gyr $2.3 billion. in 2010 company released series of television models including wl768, yl863, vl963 designed in collaboration danish designer timothy jacob jensen.

toshiba television wl768

in april 2012, toshiba agreed acquire ibm s point-of-sale business $850 million, making world s largest vendor of point-of-sale systems.

in july 2012, toshiba accused of fixing prices of lcd panels in united states @ high level. while such claims denied toshiba, have agreed settle alongside several other manufacturers total of $571 million.

in december 2013, toshiba completed acquisition of vijai electricals limited plant @ hyderabad & set own base manufacturing of transmission & distribution products(transformers & switchgears) under social infrastructure group in india toshiba transmission & distribution systems (india) private limited.

2014 ocz storage solutions acquisition

in january 2014, toshiba completed acquisition of ocz storage solutions. ocz technology stock halted on november 27, 2013. ocz stated expected file petition bankruptcy , toshiba corporation had expressed interest in purchasing assets in bankruptcy proceeding. on december 2, 2013, ocz announced toshiba had agreed purchase of ocz s assets $35 million. deal completed on january 21, 2014 when assets of ocz technology group became new independently-operated subsidiary of toshiba named ocz storage solutions. ocz technology group changed name zco liquidating corporation; on august 18, 2014, zco liquidating corporation , subsidiaries liquidated. ocz storage solutions dissolved on april 1, 2016 , absorbed toshiba america electronic components, inc., ocz becoming brand of toshiba.

in march 2014, toshiba sued sk hynix accusing company stealing technology of nand flash memory.

in october 2014, toshiba , united technologies agreed deal expand joint venture outside japan.

toshiba announced in 2015 stop making televisions in own factories. 2015 onward, toshiba televisions made compal u.s., or vestel , other manufacturers european market.

in january 2016, toshiba s security division unveiled new bundle of services schools use surveillance equipment. program, intended both k-12 , higher education, includes education discounts, alerts , post-warranty support, among other features, on ip-based security gear.

as of march 2016, toshiba preparing start construction on cutting-edge new semiconductor plant in japan mass-produce chips based on ultra-dense flash variant. toshiba expects spend approximately 360 billion yen, or $3.2 billion, on project through may 2019.

in april 2016, toshiba recalled 100,000 faulty laptop lithium-ion batteries, made panasonic, can overheat, posing burn , fire hazards consumers, according u.s. consumer product safety commission. toshiba first announced recall in january, , said recalling batteries in toshiba notebook computers sold since june 2011.

in september 2016, toshiba announced first wireless power receiver ic using qi 1.2.2 specification, developed in association wireless power consortium.

in late december 2016 toshiba announced losses in westinghouse subsidiary nuclear plant construction lead write-down of several billion dollars.

in january 2017, person direct knowledge of matter reported company plans on making chip division separate business.

2015 accounting scandal

toshiba first announced in may 2015 investigating accounting scandal , might have revise profits previous 3 years. on 21 july 2015, ceo hisao tanaka announced resignation amid accounting scandal called damaging event our brand in company s 140-year history. profits had been inflated $1.2 billion on previous 7 years. 8 other senior officials resigned, including 2 previous ceos. chairman masashi muromachi appointed acting ceo. following scandal, toshiba corp. removed stock index showcasing japan s best companies. second reshuffle of index, picks companies best operating income, return on equity , market value.

in september 2015, toshiba shares fell lowest point in 2 , half years. firm said in statement net losses quarterly period 12.3 billion yen ($102m; £66m). company noted poor performances in televisions, home appliances , personal computer businesses.

in december 2015, muromachi said episode had wiped $8 billion off toshiba s market value. forecast record 550 billion yen (about $4.6 billion) annual loss , warned company have overhaul tv , computer businesses. toshiba not raising funds 2 years, said. next week, company spokesperson announced toshiba in 2016 seek 300 billion yen ($2.5 billion), taking company s indebtedness more 1 trillion yen (about $8.3 billion).

in may 2016, announced satoshi tsunakawa, former head of toshiba s medical equipment division, named ceo. appointment came after accounting scandal occurred.

2017 nuclear construction liabilities

in february 2017, toshiba revealed unaudited details of 390 billion yen ($3.4 billion) corporate wide loss, arising majority owned based westinghouse nuclear construction subsidiary written down 712 billion yen ($6.3 billion). on 14 february 2017, toshiba delayed filing financial results, , chairman shigenori shiga, formerly chairman of westinghouse, resigned.

construction delays, regulatory changes , cost overruns @ westinghouse built nuclear facilities vogtle units 3 , 4 in waynesboro, georgia , vc summer units 2 , 3 in south carolina, cited main causes of dramatic fall in toshiba s financial performance , collapse in share price. fixed priced construction contracts negotiated westinghouse georgia power have left toshiba uncharted liabilities result in sale of key toshiba operating subsidiaries secure company s future.

westinghouse filed chapter 11 bankruptcy protection on 29 march 2017. estimated cost 9 billion dollar annual net loss.

on april 11, 2017, toshiba filed unaudited quarterly results. auditors pricewaterhousecoopers had not signed of accounts because of uncertainties @ westinghouse. toshiba stated substantial doubt company s ability continue going concern exists . on april 25, 2017, toshiba announced decision replace auditor after less year. earlier in april, company filed twice-delayed business results without endorsement auditor pricewaterhousecoopers (pwc).

on september 20, 2017, toshiba corp. voted sell memory-chip business. buyers included apple inc. , dell technologies inc among others such kingston technology corp. , seagate technology plc., $18 billion.

company president (successive management)