"Toshiba Could Lose Billions From Troubled U.S. Nuclear Power Deal"

"TOKYO — Toshiba, the Japanese technology conglomerate, has spent a decade and billions of dollars building itself into one of the largest players in the global nuclear power industry by buying up rivals.

The result has been a financial quagmire — one that is about to deepen.

Toshiba warned on Tuesday that it might need to write off “several billion U.S. dollars” because of its purchase of an American construction firm that specializes in nuclear power projects. In a statement, Toshiba said it was still figuring out the size of the write-off, which was related to its acquisition a year ago of the business, CB&I Stone & Webster.

The scale of the potential write-off was notable given that Toshiba’s nuclear subsidiary in the United States, Westinghouse, bought the business for $229 million. Toshiba’s share price dropped 12 percent on Tuesday."

Jonathan Soble reports for the New York Times December 27, 2016.