Japan's Toshiba Corp and IHI Corp announced on 17 October that they had decided to dissolve their joint venture, Toshiba IHI Power Systems, that make turbines for NPPs, citing reduced demand following the Fukushima disaster.
The companies set up the venture in 2011 assuming nuclear plant construction would increase. However, Fukushima led to a shift away from nuclear and reduced demand for new equipment, IHI spokesman Keiichi Sakamoto said. Toshiba confirmed the decision.
The Nikkei Business Daily said the firms would shift towards renewable energy. However, Sakamoto said IHI, which makes containment vessels and reactor pressure vessels, will continue its nuclear business. IHI owns 52% of the venture and Toshiba 48%.