ELK GROVE VILLAGE, Ill., April 19, 2017 /PRNewswire/ -- On March 3, Toshiba Machine Co., Ltd. of Japan bought back 18.1% of the 20.1% of total shares of stock owned by Toshiba Corp., their previous parent company and top shareholder. "As a result, they are no longer our top shareholder and we no longer belong to the Toshiba Group," said Toshiba Machine Chairman and CEO Yukio Iimura during a formal announcement this morning at the company's North American headquarters in Elk Grove Village, IL.
This formal announcement was made in response to unfounded rumors about Toshiba Machine's financial soundness following a recent statement by Toshiba Corp., which reported significant losses in its nuclear power business.
According to Mr. Iimura, the transition for Toshiba Machine has been seamless, with no impact to its operations, customers, shareholders, employees or business partners.
Also substantially unaffected is the value of Toshiba Machine's stock (TOKYO: 6104), which is currently trending on par with 2014, one of the company's best years.
Since its establishment in 1938 as a heavy machine tool manufacturer, Toshiba Machine has evolved into a diverse business comprised of approximately 48 regional companies and offices supplying global markets with injection molding machines, machine tools, die-casting machines, extruders, robotics and high-precision machines. The company has an installation base of more than 60,000 injection molding machines worldwide, owns all of the buildings in which it operates, stocks substantial inventories of spare parts and employs more than 3300 professionals worldwide including a large sales force.
"This is a very exciting, very positive time for us," said Mr. Iimura. "For more than 79 years, we have developed peerless technical know-how and a culture which values hard work, integrity, quality and customer responsiveness. Buying back our shares provides greater flexibility so we can be even more responsive. We look forward to continuing our growth and industry-leading contributions to the markets we serve in the future."
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SOURCE Toshiba Machine