World Economy

Canon to Buy Toshiba Medical Unit

Canon to Buy Toshiba Medical UnitCanon 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.