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Toshiba, Tepco Form Power Transmission, Distribution Venture

Aug. 29 (Bloomberg) -- Toshiba Corp. and Tokyo Electric Power Co. will set up a venture for power transmission and distribution systems for markets outside Japan.

Toshiba will take an 85.1 percent in the venture to be set up on Sept. 2 while Tokyo Electric, operator of the wrecked Fukushima Dai-Ichi nuclear power plant, will hold the remaining stake, the companies said in a statement.

The venture will provide engineering support for power transmission and distribution projects. Support will initially be provided to projects promoted by Toshiba, which acquired Swiss electronic-metering company Landis+Gyr AG in 2011, according to today’s statement.

The new company will integrate Toshiba’s technologies in power transformation and power grid solutions with Tokyo Electric’s know-how in grid planning, system design, operation and maintenance, said the companies, which are both based in Tokyo.

Toshiba and Tepco, as the utility is known, will target markets from advanced nations to emerging economies such as India, and South Asian and Latin American countries, according to the statement.

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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