Toshiba's board has reportedly agreed to sell its flash memory chip business for $18.9 billion. Why is the company's chip division so valuable?

The division is the world's No. 2 producer of NAND memory chips with the product being used in Apple's iPhones and iPods. Toshiba needs to sell the division to help cover the costs of its U.S. nuclear business.The company has been under pressure to sell the chip business from its biggest lenders in Japan.

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