Fuji Electric, Schneider in distribution, industrial joint venture

Schneider Electric and Fuji Electric Holdings reached an agreement to establish a joint venture in the field of electrical distribution and industrial control, following the signing of a memorandum of understanding announced in March.
With a workforce of 3,000 people and revenues of more than ¥70 bln (€450 mln), the joint venture is named Fuji Electric FA Components & Systems Co. Schneider Electric owns a 37% stake, the remainder being held by Fuji Electric Holdings.
Fuji Electric will contribute the JV its electrical distribution and industrial control operations in Japan as well as in other Asian countries including China. Schneider Electric will contribute its related operations in Japan (most of Schneider Electric Japan Ltd) together with a cash amount of €60 mln. The two groups also contribute their joint venture manufacturing circuit breakers in China operating since 2004.
The other Schneider Electric operations in Japan, such as Digital Corp, APC Japan, Arrow or its joint venture in Variable Speed Drive with Toshiba, pursue their activities independently.