Toshiba Corp. said Thursday it will invest some ¥7 billion ($61.7 million) in the current fiscal year to procure and prepare land in Iwate Prefecture to build a new flash memory plant amid rising demand.
The conglomerate said it is scheduled to start preparation work in the city of Kitakami in February 2018 and plans to launch Toshiba Memory Iwate Corp. on Dec. 25.
Toshiba is currently building a new factory at its flash memory plant in Yokkaichi, Mie Prefecture, which is scheduled for completion by the end of 2018.
In November, the firm said it will increase investment in its flash memory production facilities to ¥600 billion for the current fiscal year.
Toshiba also said earlier this month it will continue talks with U.S.-based Western Digital Corp. about jointly investing in the new Iwate plant.