L&T to sell plastic machinery business to Japan’s Toshiba

In a move to continue exiting non-core businesses, engineering and construction giant Larsen & Toubro (L&T) has sold its entire stake in injection molding machine maker L&T Plastics Machinery (LTPML) to Japan-based processing equipment manufacturer Toshiba Machine Company Ltd.

The terms of the deal have not been disclosed.

“The move is in line with the L&T’s strategic road-map to exit non-core businesses and rationalise its portfolio,” a company said in a release.

India-based L&T is a technology, engineering, construction, and manufacturing company. Earlier this year, it divested stake in its ready-mix concrete, cement and other non-core businesses.

Headquartered in Chennai, India, LTPML, a wholly owned subsidiary of L&T.

Toshiba makes injection molding machines and other machinery, and has manufacturing units in Japan and China, and primarily caters to the Asian and North American markets.