Fujitsu to buy out Siemens' stake in joint PC business
Published: 04 Nov 2008 15:17 GMT
Fujitsu is to buy out Siemens' stake in the companies' joint venture, the PC manufacturer Fujitsu Siemens.
Under the terms of the deal, announced on Tuesday, Fujitsu will pay €450m (£363m) for Siemens' 50 percent stake in the business. Siemens will in future concentrate on its energy, industry and healthcare IT businesses.
"Fully integrating Fujitsu Siemens Computers into the Fujitsu Group fits perfectly into our global growth strategy," said Fujitsu president Kuniaki Nozoe in Tuesday's statement. "We're inheriting a strong customer base in [Europe, the Middle East and Africa] and [an R&D] capability that can support our global products development — not to mention a tremendously talented group of employees who share our values and commitment to grow with our customers as their trusted business partner."
Pending regulatory approval, the buyout will conclude on 1 April, 2009, almost 10 years after Fujitsu and Siemens set up their joint venture in October 1999. Reports that Siemens wanted to leave the partnership began to circulate in August of this year. It is not yet clear whether the buyout will involve any factory closures or redundancies.
It was also revealed on Tuesday that Bernd Bischoff, chief executive and president of Fujitsu Siemens, is resigning for "personal reasons", and will be replaced by the current chief financial officer of the joint venture, Kai Flore.
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