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TOKYO: Storied Japanese conglomerate Toshiba will split into three companies, it said Friday, following a campaign by investors to boost the firm’s shares after a period of enormous upheaval.

The move is the first spin-off by a Japanese firm of Toshiba’s size and analysts said it could be a test case for other domestic conglomerates.

The plan approved by the board will spin two companies off from the rest of Toshiba’s operations within two years — one focused on infrastructure and the second on devices — with both eventually being listed.

“It is an extremely big change, but there is a chance for each business to achieve growth,” CEO Satoshi Tsunakawa told reporters.

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