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Toshiba has reached an agreement with the French energy giant Total for the sale of its liquefied natural gas business in the United States.
The troubled Japanese manufacturer has announced that the sale of its LNG operations in Texas will be finalized by March 2020.
Under this agreement, Total will pay $ 15 million to Toshiba and Toshiba will make a one-time payment for future losses of the French company.
Toshiba expects a total loss of about 93 billion yen, or about 860 million dollars. The company will record the loss in the financial reports for that year.
Toshiba has decided to withdraw from the volatile LNG business in the United States as part of its restructuring plan.
Last year, she signed a contract to sell the US operation to a Chinese company. But the buyer is removed from the transaction.
In the sale of Total, Toshiba has offloaded risky badets and can now focus on its core business in the IT and infrastructure sectors.
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