Fujitsu is to acquire Siemens 50% stake in their joint venture, Fujitsu Siemens Computers, for about 450-million Euros, effective 1 April next year and subject to the approval of relevant government agencies.
Fujitsu Siemens Computers was established on 1 October 1999 as a 50/50 joint venture between the two companies and was based in Holland. The move by Fujitsu was not unexpected and it had hinted at the possibility of a buyout of Siemens' shareholding when the contract for the JV expires in a couple of months.
It is expected that the company will be renamed after the transaction is completed.
"Fully integrating Fujitsu Siemens Computers into the Fujitsu Group fits perfectly into our global growth strategy," says Kuniaki Nozoe, president of Fujitsu. "We’re inheriting a strong customer base in EMEA 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."
Joe Kaeser, CFO of Siemens, adds: "We continue to focus our company on the strategic sectors of energy, industry 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."
The two companies also announced that the CEO and president of Fujitsu Siemens Computers, Bernd Bischoff, has resigned for personal reasons. Kai Flore, CFO of Fujitsu Siemens Computers, has been appointed the new CEO and president of the company.