Toshiba leaving US LNG market

Baku. 8 November. REPORT.AZ/ Japanese Toshiba Corporation announced its withdrawal from the US liquefied natural gas (LNG) market, Report informs.

According to the company, Toshiba intends to sell its subsidiary Toshiba America LNG Corporation by March 2019. The company made such a decision due to the restructuring of the company's business amid continuing decline in profits. So, in September of this year, the profit of the Toshiba group of corporations dropped by 80.7% compared to the same period last year.

As part of the restructuring, the company also intends to sell its subsidiary, which worked in the field of nuclear power plants in the UK. And in the next five years, the Japanese company expects to reduce its staff in various areas of production by seven thousand people.