Japanese conglomerates IHI and Toshiba will dissolve Toshiba IHI Power Systems, their nuclear power plant equipment joint venture (JV), in November 2018, as the two firms are scaling back their nuclear operations and will focus on renewable energies.
The Toshiba-IHI Power Systems partnership was set up in January 2011 to anticipate the cost increase for the construction of new nuclear reactors but the Fukushima disaster occurred shortly afterwards and entirely changed the market landscape, depleting the global demand for new reactors. Nuclear plans were abandoned around the world and the JV's factory utilization fell so low that it started to manufacture products non related to nuclear energy to keep its activities going.
Toshiba also divested its shareholdings in its bankrupt US nuclear subsidiary Westinghouse in April 2018, withdrawing from the nuclear plant construction business overseas.