Two separate companies started in the same Meiji-era period of Japanese industrial formation and merged a century later. Tanaka Seisakusho, founded by Hisashige Tanaka in 1875, manufactured telegraphic equipment. Hakunetsusha, founded by Ichisuke Fujioka in 1890, produced Japan's first incandescent lightbulbs. The two merged in 1939 to form Tokyo Shibaura Electric, Toshiba, at the instruction of the Mitsui zaibatsu, which held controlling stakes in both companies. The postwar decades produced consumer electronics, home appliances, and heavy electrical equipment sold under a single brand across international markets. The company launched Japan's first radar system, first television broadcast equipment, and first color television. That accumulated manufacturing and brand credibility gave Toshiba the scale to pursue larger industrial opportunities when they appeared. The 2006 acquisition of Westinghouse Electric Company for $5.4 billion was made at the peak of expectations for nuclear power's comeback. Oil prices were rising. Carbon reduction targets were creating policy pressure. New reactor designs promised lower construction costs. The strategic logic was coherent. The execution was not. Westinghouse had accepted fixed-price contracts to build AP1000 reactors in the United States at estimates that proved dangerously optimistic once construction began. Labor shortages, regulatory requirements, and design changes turned estimated costs into actual costs that bore no resemblance to the original numbers. When the Westinghouse bankruptcy and write-off arrived in 2017, it found a company already weakened by the 2015 accounting fraud revelation, a $1.2 billion multi-year manipulation of profit figures across multiple divisions. The two crises together threatened the company's existence and forced an emergency restructuring that ultimately produced the privatized, narrowed industrial business that completed its transformation in December 2023.