Page 6 - Climate Control News Magazine December-January 2022

News
Toshiba to split into three companies
Toshiba will complete the reorganisation by 2023.
TOSHIBA CORPORATION HAS ANNOUNCED PLANS TO SEPARATE INTO THREE STANDALONE COMPANIES.
THE INFRASTRUCTURE SERVICE company will consist of Toshiba’s energy systems, infra- structure systems, building solutions, digital so- lutions and battery businesses.
Hard disk drives and its semiconductor busi- ness will form the backbone of another company known as the Device Company. The third compa- ny will manage Toshiba’s stake in flash-memory chip company Kioxia Holdings and other assets.
The announcement follows a five-month stra- tegic review.
The decision will need to get through an extraor- dinary general meeting due to be held in March.
"After much discussion, we reached the con-
clusion that this strategic reorganisation was the best option," Toshiba’s CEO, Satoshi Tsunakawa told a news conference last month.
Founded in 1875, Toshiba has been under in- tense pressure from shareholders which led to the review.
Toshiba said it will complete the reorganisa- tion by 2023.
“The separation will create two distinctive companies with unique business characteristics leading their respective industries in realising carbon neutrality and infrastructure resilience,” the company said in a statement.
“The separation allows each business to sig- nificantly increase its focus and facilitate more agile decision-making and leaner cost struc- tures. As such, both companies will be much bet- ter positioned to capitalise on their distinct mar- ket positions, priorities and growth drivers to deliver sustainable profitable growth and en- hanced shareholder value.
“Toshiba’s management team and board of di-
rectors are confident that the intended separa- tion into three standalone companies is the best path to enhance shareholder value.”
The reorganisation may not have the support of activist investors who want the company to go private.
The conglomerate has lurched from one crisis to another since an accounting scandal in 2015.
Toshiba believes the announcement will im- prove governance as each newly created busi- ness will be led by a separate board of directors and management team.
The Strategic Review Committee will continue to oversee the preparation of the separation plan until Toshiba shareholders vote on it at the pro- posed extraordinary general meeting of share- holders (EGM) expected in the first quarter of the next calendar year, at which point it is expected that a board Steering Committee will be formed.
Toshiba has 120,000 employees worldwide and secured annual sales of 3.1 trillion yen (US$27.5 billion) in fiscal year 2020.
Chemours opens HFO facility
THE CHEMOURS COMPANY is set to open a new facility dedicated to the expansion of its non-ozone depleting, low global warming po- tential (GWP) hydrofluoroolefin (HFO) plat- form – Opteon 1150, chemically referred to as HFO-1336mzzE.
The new plant located in El Dorado, Arkansas will open 1 January, 2022, to meet the initial 10 per cent phase down of CO2 equivalents as out- lined by the American Innovation and Manufac- turing (AIM) Act in the United States.
In preparation for the opening, Chemours is
now accepting orders for Opteon 1150 from cus- tomers globally.
Chemours president of thermal & specialised solutions, Alisha Bellezza, said the addition of Opteon 1150 also referred to as HFO-1336mzzE, into its Foam Blowing Agents portfolio gives cus- tomers more options.
“When used as a gaseous blowing agent in spray foam, its low boiling point is an ideal blending compo- nent that allows the formulator to have more precise application control and superior aged R-values, higher yields, and a wider application window,” Bellezza said.
Inside the Chemours chemical laboratory.
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