As it faces massive write-downs in its nuclear power plant business, Toshiba Corp. said Friday that it will spin off its cash-cow chip business at the end of March.
The conglomerate said its flash memory operation will be turned into a separate company, pending approval at an extraordinary shareholders meeting.
Toshiba will sell a stake of less than 20 percent in its flash memory operation to generate several hundred billion yen to avoid falling into negative net worth in the current business year to March, sources familiar with the matter said earlier.