Activist fund Argyle asks Toshiba to exit TEC business to boost margins

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TOKYO (Reuters) – Hong Kong-based activist fund Argyle Street Management asked Japan’s Toshiba Corp (6502.T) on Thursday to exit more non-core businesses such as office machinery company Toshiba TEC (6588.T) to bolster margins of the once-mighty conglomerate.

“We believe that further firm commitments to divest other non-core businesses (such as Toshiba TEC for instance), would be well received and affirms management’s commitment to decisive execution of its plans,” the investment fund said in a letter sent to Toshiba CEO Nobuaki Kurumatani and shown to Reuters.

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