Toshiba to invest 100 billion yen in LED light bulb manufacturing

Toshiba has announced a six-year, 100 billion yen (about $1.11 billion; 1 USD = 89.7951 JPY) investment plan in LED light bulb manufacturing.

With sales of LED bulbs on the rise in Japan, the company is looking to expand sales both in China and the West, and hopes to grow LED lighting sales from 20 billion yen ($222 million) to 350 billion yen (3.89 billion) by fiscal 2015. LED bulbs consume just one-eighth the electricity of conventional bulbs, and last around 10 years. Toshiba predicts the domestic market will expand rapidly over the next few years, with the diffusion rate up to 21 percent by fiscal 2012.

The same day, the company announced a new range of bulbs for home use around 40 to 60 percent brighter than existing ones, which go on sale Oct.