It has decided to halt its domestic production of LCD televisions, aiming to download its operating profit by 2014-2015. Its television business lost 50 billion Yen ($620 million) last year. The strong Yen has caused problems for Japanese manufacturing, with Hitachi making a similar move as Toshiba recently.
"We have shut down our domestic TV production. We are looking at all areas (of the TV business), number of models, numbers of panels, in order to re-strengthen this division," said Toshiba president and chief executive Norio Sasaki speaking to reporters.
It will cut the number of TV models it sells by 60 percent in 2013.
Toshiba's goal is to double its operating profit in three years to $5.6 billion. It is looking to boost sales of electronics devices and to expand its social infrastructure business.
Strong sales of Apple's iPhone models, which use Toshiba flash chips, has boosted the company.
Written by: James Delahunty @ 17 May 2012 17:57
