Japan Nuclear Emergency (2011)

Toshiba chairman resigns over $6.3 billion nuclear business loss

Toshiba chairman resigns over $6.3 billion nuclear business loss

Toshiba Corp.'s chairman resigned Tuesday after the company logged such massive losses in its nuclear business that it must sell its lucrative computer-chip business to avoid going belly-up.

The company projected a 712.5 billion yen ($6.3 billion) loss for its nuclear business related to the acquisition of CB&I Stone & Webster by its U.S. nuclear unit Westinghouse. The company also said it will not take on new projects to construct nuclear plants.

President Satoshi Tsunakawa said the company also was looking for potential partners to acquire a stake in Westinghouse.

He bowed deeply at a news conference to apologize for "troubling investors and...

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