Japanese multinational company Toshiba has agreed to sell the majority of its household appliance business to China's Midea Group, the world's second-largest maker of white goods.

The laptops-to-nuclear conglomerate is aiming to finalize the deal by the end of the month.

Toshiba is trying to overhaul its operations following last year's revelations of overstated profits going back to around 2009.

Toshiba's appliance business posted sales of 225 billion yen or 2 billion US dollars in fiscal 2014.