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Toshiba to Invest $36 Million in Wind Power Company

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(Corrects quote in second paragraph to show “higher” efficiency turbines.)

May 23 (Bloomberg) -- Toshiba Corp. plans to enter the wind power business after it agreed to acquire 40 billion won ($36 million) of convertible bonds in South Korea’s Unison Co., according to a website statement today.

The Tokyo-based company said the alliance will give it distribution rights of Unison’s generators worldwide. The two companies plan to develop “higher-efficiency” windmills.

Toshiba is targeting sales from its wind power business to reach 20 billion yen by March 2016, company spokeswoman Kaori Hiraki said by phone today.

Japan’s biggest maker of nuclear reactors announced on May 19 it agreed to buy Swiss electronic-metering company Landis+Gyr AG for $2.3 billion in cash and assumed debt to bolster its smart-grid operations.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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