TOSHIBA CORP UNSP/ADR - TOSYY STOCK NEWS

Toshiba Corporation has achieved a significant breakthrough in quantum computing with the development of a double-transmon coupler, enhancing speed and accuracy in quantum computation. This technology allows qubits to be completely coupled or uncoupled, improving processing times to 24 ns with a 99.99% accuracy in two-qubit gates. The advances support higher-performance quantum computers, aiding in goals like carbon neutrality and drug development. Details were published on September 15 in Physical Review Applied.

Carrier Global Corporation (NYSE: CARR) has successfully acquired substantially all of Toshiba's ownership stake in Toshiba Carrier Corporation (TCC) for approximately $900 million. This acquisition enhances Carrier's capabilities in the variable refrigerant flow (VRF) and heat pump markets, which are key for sustainable energy solutions. TCC, which generated $2 billion in sales in 2021, will be integrated into Carrier's Global Comfort Solutions business unit, headquartered in Tokyo. CEO David Gitlin noted the strong growth opportunities this acquisition presents for Carrier.

3D Investment Partners has urged Toshiba's Board to take immediate steps to rebuild trust with shareholders ahead of the upcoming AGM. In a recent letter, they called for three key actions: the development and disclosure of a mid-range plan, engaging with potential buyout proposals, and consulting with shareholders on Board composition. The letter follows a failed two-way split plan at the previous shareholder meeting, indicating widespread shareholder dissatisfaction. The actions are aimed at restoring Toshiba's reputation and ensuring better governance.

3D Investment Partners expressed satisfaction with Toshiba shareholders' rejection of the proposed two-way split during the Extraordinary General Meeting held on March 24, 2022. The firm views this decision as a clear message against the separation plan, urging Toshiba to explore alternative strategies for enhancing corporate value. 3D advocates for a reassessment of the Strategic Review Committee's options, including possible partnerships and private equity proposals. They emphasize the need for transparency to rebuild trust and facilitate better engagement between Toshiba's management and its investors.

Toshiba Corporation plans to hold an extraordinary general meeting on March 24, 2023, to seek shareholder approval for its Strategic Reorganization plan. The proposal aims to separate Toshiba into two publicly traded entities: Infrastructure Service Co. and Device Co., enhancing shareholder value and operational focus. Toshiba's board urges shareholders to vote in favor of its proposal while rejecting those put forth by 3D Investment Value Master Fund. The reorganization will help streamline operations and facilitate capital allocation tailored to each business’s growth strategy, while also ensuring adherence to carbon neutrality goals.

Toshiba Corporation is refining its strategic reorganization plan, opting to separate into two independent companies instead of three. This spin-off includes a tax-free separation of its Device Co. and Infrastructure Service Co., anticipated to be completed in the second half of FY2023. The company plans to divest non-core assets, including a ¥100 billion sale of Toshiba Carrier Corporation. Toshiba forecasts ¥300 billion in shareholder returns over the next two years, assuming successful execution of its business plans.

Carrier Global Corporation (NYSE: CARR) has signed a binding agreement to acquire Toshiba Corporation's stake in Toshiba Carrier Corporation (TCC), a leading player in variable refrigerant flow (VRF) and light commercial HVAC solutions. This strategic acquisition aims to enhance Carrier's position in the rapidly growing HVAC market and double its sales in the VRF segment. The deal will include TCC's research & development centers, manufacturing operations, and the Toshiba brand, contributing to Carrier's sustainability goals and expanding its product portfolio. Closing is expected by Q3, subject to regulatory approvals.

Toshiba Corporation has launched a new 20Ah-HP rechargeable lithium-ion battery cell, enhancing the SCiB™ product line. This innovative cell offers a high energy density of 176Wh/L and a nominal voltage of 2.3V, achieving 1.7x higher input and 1.6x higher output compared to existing models. The 20Ah-HP cell maintains nearly 100% capacity after 8,000 charge/discharge cycles, showcasing excellent longevity. Target applications include electric vehicles, industrial equipment, and energy storage systems. The product is now available for global orders.

On January 5, 2022, 3D Investment Partners requested an extraordinary general meeting (EGM) for Toshiba Corporation (6502.T), proposing two resolutions. The first proposal aims to amend Toshiba's Articles of Incorporation to enforce the company's Separation Plan into three entities, announced on November 12, 2021. 3D opposes this due to its perceived flaws. The second proposal advocates for a comprehensive review of alternatives to boost Toshiba's value, highlighting a lack of proper evaluations by Toshiba's Strategic Review Committee. Both proposals are crucial for shareholder input.