There is speculation that some of these conditions may require parts of Toshiba to be spun out, as happened with the company's memory manufacturing business, which has now become Kioxia. Toshiba announced it was considering proposals for a sale to take the business private following pressure for a reorganization from major shareholders such as 3D Investment Partners, which owns 7.6 per cent, and Effissimo Capital Management. 3D Investment Partners went as far as describing Toshiba as "a corporate governance embarrassment for Japan" in an open letter to the company. Earlier plans from the Japanese giant had been for it to split itself into three separate companies ; one providing infrastructure services, one focused on printers and point of sale kit, and another that would comprise Toshiba's semiconductor and hard disk drive businesses.