The envisaged three-way split-up of Toshiba Corp. is expected to give more clarity to the business outlook and could spur realignment of its domestic peers as a logical step to respond to shareholders' pressure for a more-focused corporate structure.

The symbolic move, announced Friday, ends one chapter for household name Toshiba, marking a departure from its traditional broad portfolio of industrial and consumer businesses, a practice that has come under intense scrutiny by its shareholders.

Toshiba will break up into three companies — two spinoffs that will each focus on infrastructure and devices and the third that will own a stake in flash-memory chip company Kioxia Holdings Corp. The two spinoff firms will go public by the latter half of fiscal 2023.