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L&T to sell plastic machinery biz to Japan's Toshiba

Engineering and construction giant Larsen and Toubro Ltd (L&T) has decided to sell its entire stake in L&T Plastic Machinery Ltd to Japan’s Toshiba Machine Co Ltd for an undisclosed sum, in line with the company’s strategy to realign portfolios and focus on core business units. The plastic machinery business reported sales of Rs 206 crore and a net profit of Rs 11 crore last year, a tiny fraction of the total consolidated sales (Rs 64,313 crore) and profit (Rs 4,682 crore) of the company. L&T Plastic Machinery manufactures and markets injection moulding machines used ...