Toshiba, Sharp, Sony, Hitachi and Panasonic — these companies were the pride of Japan for decades after their electronics took the world by storm.

But much of that pride has been lost in recent years, with Sharp Corp.'s acquisition this month by Hon Hai Precision Industry Co., the Taiwanese assembler of Apple's iPhones, making it the latest victim of complacency, mismanagement and fierce foreign competition.

Toshiba, reeling from a major accounting scandal, agreed Wednesday to sell much of its home appliance business to China's Midea Group for ¥53.7 billion.