Toshiba Might Sell Majority Of Semiconductor Business Following $6.3 Billion Nuclear Loss

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kenjitamura

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Doesn't look like OCZ has anything to do with this fiasco. Just read a more in-depth story about this on Bloomberg and some guys down in Louisiana seem to be to blame and yet funny enough they got out of this with a fine mint because they found some dupes in Toshiba to take the problem off their hand.

Some people started off small with buying out a pipe manufacturing business for cheap and kept expanding until they had enough engineering assets to convince people they could lead a "nuclear renaissance" back in 2005. They had bought out a failing company that was responsible for building many nuclear plants back in the 50's-70's and apparently it was enough to convince some businesses to throw contracts their way. But as time went on they were shown to be entirely incompetent as nuclear engineers and they managed to unload before the extent of the problems came to light.

Toshiba was really stupid though because they actually played a couple of roles in this. They had hired the incompetent engineering company that went on to sell itself over in 2012 to another company. Then in 2015 the company that bought the failing engineering company realized they'd screwed up big and went on to sell it again, to Toshiba, at a low price just to get rid of it.

In summary, Toshiba bought a company in the US looking to start making nuclear plants and that company gave the contract to some entirely incompetent company made up of several failed engineering companies that were bought out cheap and whose names were once reputable and used to garner contracts.

Then the person responsible for this frankenstein corporation bailed in 2012 when the problems started coming to light and came out of it all pretty wealthy. The buyers of this engineering company then went on to realize they screwed up and dropped it like its hot and it was sold over to Toshiba.
 

YB_Burgergold

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Following IBM in the selling of its semiconductor business which no Corp has the $$$ to pay for in R&D and modernization unless they are one enough % in the market
 

teamninja

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Guess they will spin off their semi conductor business it is their best bet, I wonder who might take that huge Chunk of that business... some very lucky semiconductor business can easily obtain a controlling share of a profitable business
 

Nicholas Steel

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So:
2012: Incompetent Nuclear Company was hired by Toshiba
2012: Incompetent Nuclear Company boss left
2012-2015: Incompetent Nuclear Company sold to another (incompetent) company
2015: Other (incompetent) company sold to Toshiba
2015: Toshiba screwed

Correct?
 
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