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Toshiba and Midea Sign MoU on Sale of Toshiba’s Home Appliance Business
2016/04/21
Toshiba and Midea Group jointly announced on March 17 that they have signed a Memorandum of Understanding (MoU) on Toshiba’s sale to Midea of a majority interest in its home appliance business (the Business). Under the envisaged agreement and upon completion of the transaction, the Business will continue to develop, manufacture, and market white goods, such as refrigerators, washing machines, vacuum cleaners, and other small domestic appliances under the Toshiba brand name.
 
On December 21, 2015, Toshiba announced the Toshiba Rebuilding Initiative, which included the potential re-organization of the Business. Toshiba has subsequently carried out procedures to identify a trusted partner that would be committed to building on Toshiba’s achievements to further grow the Business.
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