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    6502   JP3592200004

TOSHIBA CORPORATION

(6502)
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End-of-day quote. End-of-day quote Japan Exchange - 06/24
4845 JPY   +0.10%
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Toshiba : Executes Strategic Alliance Agreement and Invests in Counter-Drone Security Company Fortem Technologies, Inc.

03/22/2021 | 05:01pm EDT

Toshiba Corporation (TOKYO:6502) today announced that Toshiba Infrastructure Systems & Solutions Corporation, the Toshiba Group company specializing in the global infrastructure business (hereinafter Toshiba), has entered into a strategic business alliance with Fortem Technologies, Inc. (hereafter Fortem), and invested 15 million USD in the company. Fortem is a technology leader in counter-drone security and Toshiba, through the alliance, aims to expand its radar-based security solutions business.

Based in Utah, US, Fortem is a drone security company that has grown rapidly in recent years by supplying leading counter-drone systems, notably highly accurate small drone detection radars that are easily installed, and autonomous drones that can capture rogue drones in a net.

“Toshiba is a world-renowned technical and sales powerhouse,” said Timothy Bean, CEO of Fortem. “We are very pleased to announce this alliance to accelerate the delivery of solutions to our customers that combine the disruptive innovation of our AI-enabled Fortem SkyDome System with the depth of Toshiba’s commercial drone RF detection expertise and advanced radar technology. This partnership brings added confidence to security professionals who must secure the airspace above their venues, campuses and metro regions.”

Toshiba has already commercialized a drone detection system that plots incoming direction and altitude from radio waves emitted by the drone in flight. ​Toshiba is also strengthening its drone security business through research and development of related products.

The alliance will integrate Toshiba and Fortem’s highly complementary systems to realize more effective, multi-layered counter-drone solutions and services, and expand sales in Japan and the US, and in promising overseas markets, including those of Asia, Europe, the Middle East, with mutual access to each other’s sales network.

Masaki Haruyama, Vice President of Toshiba said, “We are excited to partner with Fortem, a pioneering counter-drone solution provider with proven detection system and unique and highly effective interception system. Toshiba has a long history of providing leading technologies of radars. With the perfectly complementary technologies and products of the two companies, we are confident that we can become a global top-tier player in a rapidly growing market, and contribute a safer, more reliable facilities.

Going forward, Toshiba will contribute to ensuring infrastructure security through the alliance with Fortem, by responding to the growing need to prevent damage caused by suspicious drones at airports and other critical facilities, stadiums and other large venues, and private properties around the world. Toshiba aims to win annual sales of 30 billion JPY in the counter-drone security business by FY2030.

About Fortem Technologies, Inc.

  1. Founded: 2016
  2. Representative: Timothy Bean
  3. Headquarters: Utah, the United States
  4. Employees: Over 100 people
  5. Business: Counter-drone security products and services

About Toshiba Corporation

Toshiba Corporation leads a global group of companies that combines knowledge and capabilities from over 140 years of experience in a wide range of businesses—from energy and social infrastructure to electronic devices—with world-class capabilities in information processing, digital and AI technologies. These distinctive strengths support Toshiba’s continued evolution toward becoming an Infrastructure Services Company that promotes data utilization and digitization, and one of the world’s leading cyber-physical-systems technology companies. Guided by the Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future,” Toshiba contributes to society’s positive development with services and solutions that lead to a better world. The Group and its 130,000 employees worldwide secured annual sales surpassing 3.4 trillion yen in FY2019.


© Business Wire 2021
All news about TOSHIBA CORPORATION
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Financials
Sales 2021 3 076 B 27 771 M 27 771 M
Net income 2021 84 063 M 759 M 759 M
Net Debt 2021 70 157 M 633 M 633 M
P/E ratio 2021 26,0x
Yield 2021 1,01%
Capitalization 2 199 B 19 835 M 19 851 M
EV / Sales 2021 0,74x
EV / Sales 2022 0,70x
Nbr of Employees 125 648
Free-Float 93,4%
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Number of Analysts 10
Last Close Price 4 845,00 JPY
Average target price 4 753,50 JPY
Spread / Average Target -1,89%
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Managers and Directors
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Satoshi Tsunakawa President & Chief Executive Officer
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Yoshimitsu Kobayashi Independent Outside Director
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