ID :
28490
Wed, 11/05/2008 - 08:53
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Shortlink :
https://oananews.org//node/28490
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Fujitsu to buy Siemens' 50% stake in joint venture for 450 mil. euros
TOKYO, Nov. 4 Kyodo - Fujitsu Ltd. said Tuesday it has agreed with Siemens AG to buy the German conglomerate's stake in their fifty-fifty joint venture, Fujitsu Siemens Computers (Holdings) B.V., for around 450 million euros in a bid to expand its information technology business in Europe.
Fujitsu said it will complete the purchase of Siemens' 50 percent stake and
turn the Netherlands-based joint venture into a wholly owned subsidiary on
April 1 following government approval.
''We will make our global expansion with this company (Fujitsu Siemens) as our
starting point,'' Fujitsu President Kuniaki Nozoe said at a press conference.
Nozoe said Fujitsu will focus on globalizing its IT products and services and
seek opportunities not only in Europe but also in emerging markets using the
established Fujitsu-Siemens network and customer base.
''It will be tested whether Fujitsu can offer high-value added services and
products to our customers in the absence of the Siemens brand,'' he said.
The Tokyo-based firm's move comes amid a deterioration in its personal computer
business and concerns over a slowdown in European economies.
Tatsuo Tomita, Fujitsu's corporate senior executive vice president, admitted
consumer PC sales in Europe are sluggish. The company will strengthen computer
sales for corporate clients and will decide whether to retain the consumer PC
business in Europe by the end of the current business year in March, he said.
The European computer venture was established in October 1999 through the
integration of the two companies' computer manufacturing and sales units in
Europe.
In a statement, Siemens Chief Financial Officer Joe Kaeser said the company
will concentrate on strategic sectors including energy, industrial machines and
healthcare.
''We are happy that our joint-venture partner Fujitsu will acquire our stake in
Fujitsu Siemens Computers and will take the company to its next level of
success,'' Kaeser said.
Fujitsu Siemens Computers posted a net profit of around 68 million euros and a
pretax profit of 105 million euros on sales of 6.6 billion euros in fiscal
2007.
Fujitsu said sales for fiscal 2008 are expected to drop around 10 percent while
net profit is estimated to shrink by about 100 million euros due to the
lackluster consumer PC business in Europe.
==Kyodo
Fujitsu said it will complete the purchase of Siemens' 50 percent stake and
turn the Netherlands-based joint venture into a wholly owned subsidiary on
April 1 following government approval.
''We will make our global expansion with this company (Fujitsu Siemens) as our
starting point,'' Fujitsu President Kuniaki Nozoe said at a press conference.
Nozoe said Fujitsu will focus on globalizing its IT products and services and
seek opportunities not only in Europe but also in emerging markets using the
established Fujitsu-Siemens network and customer base.
''It will be tested whether Fujitsu can offer high-value added services and
products to our customers in the absence of the Siemens brand,'' he said.
The Tokyo-based firm's move comes amid a deterioration in its personal computer
business and concerns over a slowdown in European economies.
Tatsuo Tomita, Fujitsu's corporate senior executive vice president, admitted
consumer PC sales in Europe are sluggish. The company will strengthen computer
sales for corporate clients and will decide whether to retain the consumer PC
business in Europe by the end of the current business year in March, he said.
The European computer venture was established in October 1999 through the
integration of the two companies' computer manufacturing and sales units in
Europe.
In a statement, Siemens Chief Financial Officer Joe Kaeser said the company
will concentrate on strategic sectors including energy, industrial machines and
healthcare.
''We are happy that our joint-venture partner Fujitsu will acquire our stake in
Fujitsu Siemens Computers and will take the company to its next level of
success,'' Kaeser said.
Fujitsu Siemens Computers posted a net profit of around 68 million euros and a
pretax profit of 105 million euros on sales of 6.6 billion euros in fiscal
2007.
Fujitsu said sales for fiscal 2008 are expected to drop around 10 percent while
net profit is estimated to shrink by about 100 million euros due to the
lackluster consumer PC business in Europe.
==Kyodo
