KAWASAKI, Japan (Kyodo) -- Toshiba Corp. said Thursday it will spend hundreds of billions of yen by the business year ending March 2018 on mergers and acquisitions to expand its health care business, as part of efforts to make the area a new pillar of its management.
"We need mergers and acquisitions to boost the sales (of the health care business) to 1 trillion yen in fiscal 2017" from about 400 billion yen in the business year ended last March, Toshiba President Hisao Tanaka told reporters in Kawasaki, Kanagawa Prefecture.
Tanaka did not provide details on specific fields in the health care business that the company intends to strengthen through prospective acquisitions.
The company said it aims to enter the capsule endoscopy business and increase sales of its diagnostic imaging units.
Toshiba invested $13.2 million in January to acquire a less than 20 percent stake in capsule endoscopy maker CapsoVision Inc. of the United States and is in talks to secure the exclusive right to sell the U.S. company's products in Japan.
In the field of diagnostic imaging units including computerized tomography systems, Toshiba is aiming to rank in the top three in terms of global market share by fiscal 2017, compared with fourth place in fiscal 2012.