Fujitsu Announces the Signing of a Definitive Agreement for the Consolidation of System LSI Businesses in New Company
October 22, 2014     Japanese 
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Fujitsu Announces the Signing of a Definitive Agreement for the Consolidation of System LSI Businesses in New Company - JCN Newswire
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Fujitsu Announces the Signing of a Definitive Agreement for the Consolidation of System LSI Businesses in New Company

Tokyo, Yokohama and Osaka, July 31, 2014 - (JCN Newswire) - Fujitsu Limited, Fujitsu Semiconductor Limited, Panasonic Corporation, and Development Bank of Japan Inc. (DBJ) today announced that the parties have signed a definitive agreement to establish a new fabless-type company to design and develop system LSI.

Under the leadership of Mr. Yasuo Nishiguchi, incoming CEO, the new company will consolidate, in a profitable manner, world-class management resources, including technologies, people, intellectual properties, and customer bases, of both Fujitsu Semiconductor and Panasonic in the field of video and imaging as well as networking. By transforming to a fabless business model and focusing on rapidly-growing markets such as optical networks, the new company will expand its business globally and aim for an initial public offering within several years.

The business is scheduled to commence from the fourth quarter of fiscal 2014(1), after completing necessary requirements with regard to antitrust laws and other procedures in each country.

DBJ will utilize the 'Fund for Japanese Industrial Competitiveness' so that the new company will create new value which will in turn make Japan more competitive in the system LSI field.

1. Overview of New Company

(1) Representative: Yasuo Nishiguchi, CEO

(2) Business description: Design, development and sales of system LSI devices and of solutions and services centered on system LSI devices

(3) Ratio of voting rights: Fujitsu 40%, Panasonic 20%, DBJ 40%

(4) Annual sales: Approximately 150 billion yen (Combined results from Fujitsu Semiconductor and Panasonic's relevant businesses in FY2013)

(5) Employees: Approximately 2,800

2. Timeline for Establishing the New Company

Signing of memorandum of understanding
April 23, 2014

Signing of definitive agreement
July 31, 2014

Opening of the new company's business
Fourth quarter of FY2014 (scheduled)

About Fujitsu Limited

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 170,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.4 trillion yen (US$47 billion) for the fiscal year ended March 31, 2013 For more information, please see www.fujitsu.com.

Contact:

Fujitsu Limited
Public and Investor Relations
 www.fujitsu.com/global/news/contacts/
+81-3-3215-5259
 


July 31, 2014
Source: Fujitsu Limited

Fujitsu Limited (TSE: 6702) (U.S: FJTSY)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Establish New Company
View more news from these Sectors: Semiconductors, Electronics General


 
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