On Monday, Toshiba Corp said it aims to split into two companies, instead of three as previously planned. The company aims to split its device business and not its infrastructure business.

The Japanese conglomerate now plans to increase shareholder returns to $2.6 billion (300 billion yen) over the next two years which compares to an earlier target for returns of 100 billion yen.

It plans to begin the sale process for its elevator and lighting business and no longer views Toshiba Tec Corp, which makes point-of-sale systems and copiers, as its core business.

Previously, it had announced it would sell its entire stake of 60% in its air conditioning unit to its U.S. joint venture partner Carrier Global Corp for $870 million.

This plan to split the company into two is likely to face pushback from foreign hedge funds, many of whom would prefer that the company be taken private.

($1 = 115.2800 yen)

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Tags: Air conditioning, boost, business, Carrier Global Corp, copiers, core business, device business, elevator, foreign hedge funds, increase, infrastructure business, joint venture, lighting, partner, point of sale systems, pushback, sale process, shareholder returns, split, taken private, Toshiba Corp, Toshiba Tec Corp