Toshiba completes transformation of business in Russia
MOSCOW. July 22 (Interfax) - Japan's Toshiba has announced that it has completed the transformation of its business in Russia: the local office LLC Toshiba Rus will in the future engage in industrial projects, gradually expanding its activities.
At the same time, Toshiba will continue to supply Russia with consumer electronics (hard drives, memory cards and multifunctional devices), climate and other technology through distributors.
The share of the Russian market in Toshiba's global business is small, about 1%, Toshiba Rus CEO Hiroaki Tezuka told Interfax at an event in Moscow. However, the company does not intend to rest on its laurels, but will bring all new projects to Russia, including the most advanced technologies, he said.
The transformation process of Toshiba's business in Russia took two years.
"The changes have been completed, and they are already yielding positive results. If earlier 99% of revenue was brought by sales of consumer electronics, then by the end of 2015, 90% of revenue was brought by industrial activity, in particular energy systems and social infrastructure products," Tezuka told journalists during the event.
In the long term, Toshiba has set the task for itself to make about another 60% of the solutions from the company's global portfolio available to Russia.
Advisor from the economic department of the Japanese embassy to Russia Masafumi Oki, who attended the event, said the current situation in Russia is a calculation of risks and development opportunities. "In modern Russia, thanks to the reduction of the ruble's exchange rate, local production has become economically profitable. This also was caused by Russia's political course, which is aimed at import substitution," he said.
