Toshiba invests in India via L&T Plastics Machinery acquisition


Toshiba Machine has agreed to purchase Indian industrial conglomerate Larsen & Toubro's entire stake in L&T Plastics Machinery Limited (LTPML), the Chennai based maker of injection molding machines that was originally created as a joint venture with the former Demag Ergotech in 2000. Larsen & Toubro bought out Demag in 2009, making the company a wholly owned subsidiary.

Toshiba had targeted growth in India as part of what it called its mid-term business plan, summed up in the acronym: TM AC Plan (Toshiba Machine Adapt to the Change Plan). Covering the time period from April 2010 to March 2013, the plan detailed efforts to target emerging markets.
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