Toshiba decided to leave the Russian market

Moscow. December 14. The Japanese company Toshiba decided to leave the Russian consumer market, eliminating its Russian subsidiary that sells TVs and kitchen appliances “Toshiba si-ay-es”, said on Monday the newspaper “Kommersant”.

In Russia the Corporation, which accounted for 10% of the TV market, there will be only b2b division “Toshiba Rus”, collaborating with “Mail of Russia”, Sberbank and Power machines.

As noted, the reason for this decision was the high level of competition and fluctuations in the exchange rate.

Toshiba has finalized the restructuring of business in Russia, said General Director of LLC “Toshiba Rus” Hiroaki Tezuka. Japanese Corporation stopped selling TVs and kitchen equipment (fridges and kettles-flasks), deciding to focus on b2b contracts.

Last summer, Toshiba announced a global restructuring. This was preceded by a scandal with the manipulation of financial statements, costing the company $1.3 billion According Nikkei, Toshiba is close to completing talks on sale of Indonesian plant that manufactures televisions, electronics manufacturers in Taiwan, mainland China and other countries.

In the third quarter of 2015, the turnover of the consumer electronics market amounted to 55 billion rubles, which is 11.2% less than the same period last year, according to data from research company GfK. The turnover of the market of consumer electronics in Russia in the same period decreased by 2.4 per cent, to 329 billion rubles.