Fujitsu snaps up Siemens' stake in joint venture

 

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Posted on 4 Nov 2008 at 15:57

Fujitsu has confirmed it's buying out Siemens' half of the Fujitsu-Siemens joint venture.

The company will pay 450 million euros for its partner's share, with the deal expected to close 1 April 2009, after it has progressed through the usual regulatory hoops.

"Fully integrating Fujitsu Siemens Computers into the Fujitsu Group fits perfectly into our global growth strategy," says Fujitsu president Kuniaki Nozoe.

"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."

Fujitsu is reportedly looking to offload the consumer side of the business to focus on the more lucrative server arm. One potential buyer for the laptop and desktop business is Chinese company Lenovo.

The joint venture was set up in 1999 under a ten year agreement which ends next year. The company currently employs 10,000 people, just over half of them in Germany.

Author: Stuart Turton