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  • Notice on Toshiba’s Sale and Withdrawal from U.S. LNG Business
    édité le 02/06/2019

Notice on Toshiba’s Sale and Withdrawal from U.S. LNG Business
Toshiba Corporation announced that, on May 31, it concluded a purchase and sales agreement (hereinafter “the Share Transfer”) with Total Gas & Power Asia Private Limited, the Singaporean arm of Total S.A., the French major energy company, for all shares of Toshiba America LNG Corporation (hereinafter “TAL”), a Toshiba consolidated subsidiary that operates in the liquefied natural gas (LNG) business.

Toshiba and Total have also agreed, that, with the Share Transfer, all contracts related to the sale of LNG business entered into by Toshiba Group, including contracts between Toshiba Group companies and trading agreements between Toshiba Group and its customers, will either be transferred to Total or canceled. The agreement provides that Total will provide a substitute guarantee to replace Toshiba’s existing guarantee over the obligations of TAL under the liquefaction tolling agreement with FLNG Liquefaction 3, LLC (hereinafter “FLIQ3”). Upon approval by FLIQ3, Toshiba will be released from its guarantee over TAL (the “Guarantee Release”) (together with “the Share Transfer”, “the Transfer”). Toshiba and Total plan to complete all necessary procedures, including FLIQ3’s approval of the Guarantee Release and to finalize the Transfer by March 31, 2020.

Under the “Toshiba Next Plan”, Toshiba is maximizing its corporate value by concentrating resources on growth areas, and with the close of the Transfer, Toshiba will complete its withdrawal from the LNG business, which it has categorized as a non-core business.

With the close of the Transfer, TAL will be deconsolidated from Toshiba Group, and Toshiba expects to record a loss, including related expenses, of approximately 93.0 billion yen in its consolidated business financials. At the end of March 2020, the close of fiscal year 2019, Toshiba will determine whether it is necessary to book a loss on the valuation of stocks of Toshiba Energy Systems & Solutions Corporation (hereinafter “ESS”) in its non- consolidated business results, by assessing ESS’s financial status and business plan at that time.

About Toshiba

Toshiba (TOKYO: 6502) is a world leader and innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products and systems spanning energy systems, infrastructure systems and storage devices. Toshiba was founded in 1875, and today operates a global network of more than 450 companies, with approx. 141,300 employees worldwide and annual sales of 3.9 trillion yen (US$37.2billion).

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Origine : Communiqué Toshiba

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