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TOSHIBA CORPORATION

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Toshiba : in talks with GE to jointly produce wind power equipment

02/22/2021 | 08:18am EDT

Toshiba Corp. is in talks with General Electric Co. of the United States to jointly produce equipment used in offshore wind power generation, sources with knowledge of the matter said Monday.

Offshore wind power is seen by Toshiba as a promising business area as the Japanese infrastructure conglomerate seeks to focus more on renewable energy. The two firms are expected to reach a tie-up next month, the sources said.

The talks have centered on the potential joint production of nacelles, key equipment that houses a generator and other components of a wind turbine. The companies are also considering expanding the scope to other equipment as well as maintenance and operation services.

Offshore wind power generation is regarded as a viable power generation alternative for Japan, an island nation that can make better use of sea breeze.

In addition to Japan, Toshiba and GE are looking to cooperate in the offshore wind power business in other Asian countries, the sources said.

Toshiba has set its goal of expanding its renewable energy business to 650 billion yen ($6.1 billion) in fiscal 2030 from 190 billion yen in fiscal 2019. It has stopped taking new orders for building coal-fired power plants.

The Japanese government has pledged to bring CO2 missions to net zero by 2050 as part of its efforts to battle climate change.

It is aiming to boost the capacity of offshore wind power generation in the country to a maximum 45 million kilowatts by 2040 while also seeking to increase the domestic procurement ratio of parts used in offshore wind power generation equipment to 60 percent by the same year.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY 1.54% 13.15 Delayed Quote.19.91%
TOSHIBA CORPORATION 0.10% 4845 End-of-day quote.67.94%
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Financials
Sales 2021 3 076 B 27 746 M 27 746 M
Net income 2021 84 063 M 758 M 758 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 19 834 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
NameTitle
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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