IDG News Service —
Fujitsu will acquire Siemens' stake in their European computer joint-venture, Fujitsu-Siemens Computers, the two said Tuesday.
Fujitsu will pay approximately ¬450 million (US$567 million) for the stake. The deal, which is dependant on regulatory approval, will see it become a wholly-owned subsidiary of the Japanese electronics company on April 1.
Additionally the two companies said that Bernd Bischoff has resigned as CEO of Fujitsu-Siemens for personal reasons. He will be replaced by Kai Flore who is currently chief financial officer.
The deal doesn't come as a complete surprise. Fujitsu-Siemens Computers was established in 1999 under a deal that was due to expire in 2009. In August a report in The Wall Street Journal said Siemens had decided to pull-out of the venture upon expiration of the deal and Fujitsu confirmed that talks between the two companies were underway.
Fujitsu Siemens operates in 36 countries and employs around 10,500 people. In its last fiscal year it reported revenue of ¬ 6.6 billion and a pretax profit of ¬105 million.
Immediately the two companies will continue to run it as a joint venture until the share purchase is complete.
"Fully integrating Fujitsu Siemens Computers into the Fujitsu Group fits perfectly into our global growth strategy," said Kuniaki Nozoe, president of Fujitsu in a statement. "We're inheriting a strong customer base in EMEA (Europe, 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."
