Toshiba Corporation is selling its stake in Toshiba Medical Finance, a medical equipment leasing company, to Canon for 31.4bn Yen (€262m).

According to reports, Toshiba said that it is selling its 65% stake in the medical equipment leasing wing effective at the end of March, the result of talks over the past three months.

The Associated Press said that the sale was a reaction to the large losses the electronics manufacturer suffered through its involvement with Westinghouse, the US nuclear company, which is set to cost it 712.5bn Yen (€5.9bn). Its chairman resigned after the news broke.

As a result the medical leasing unit is the latest in a string of sales.

This includes parts of its computer-chip operations and its household appliance unit to Midea of China, which will keep the Toshiba brand.

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By GlobalData