Canon to Buy Toshiba Medical Unit
World Economy

Canon to Buy Toshiba Medical Unit

Japan’s Canon Inc is set to buy Toshiba Corp’s medical equipment unit for ¥700 billion ($6.2 billion), beating rival Fujifilm Holdings Corp in a hotly contested auction, the Nikkei business daily reported on Wednesday, Reuters said. The conglomerate put Toshiba Medical Systems Corp on the block to help fund restructuring after a $1.3 billion accounting scandal, attracting a bevy of suitors, particularly Japanese imaging companies whose products range from cameras and copiers to diagnostic devices. Toshiba Medical, the world’s second-largest manufacturer of CT scan machines, also makes X-ray and magnetic resonance imaging systems. It had revenue of ¥405.6 billion in the past financial year.

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