Thu, Dec 26, 2002 - Page 10 News List

Toshiba to make and sell goods in China via Venture

BLOOMBERG , TOKYO

Toshiba Corp said it will begin making and selling washing machines in China next spring through a joint venture with a local manufacturer, taking a step closer to that country's growing consumer-electronics market.

Toshiba, which until now has been selling washing machines in China made by local manufacturers under its own brand, will form the joint venture in January, spokesman Makoto Yasuda said.

The Tokyo-based company's move to China comes as demand for home appliances slips at home, which Japan's largest chipmaker partly blamed for a loss in the second quarter that was twice as wide as analysts expected.

The slump in appliance sales, combined with lower-than-expected factory equipment sales, forced Toshiba in October to trim its full-year sales forecast 3 percent to Japanese Yen 5.65 trillion (US$47 billion).

Through the joint venture, Toshiba targets China sales of Japanese Yen 2.5 billion in fiscal 2003, growing to about Japanese Yen 20 billion by fiscal 2005, the Nihon Keizai newspaper said.

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