Schneider Electric and Fuji Electric Holdings reach agreement to form a Joint Venture in Electrical Distribution and Industrial Control
Rueil-Malmaison (France), August 28, 2008 – Schneider Electric and Fuji Electric Holdings reached today an agreement to establish a Joint Venture (JV) in the field of Electrical Distribution and Industrial Control, following the signing of a memorandum of understanding announced on March 27, 2008.
As reminder, Fuji Electric contributes the JV its electrical distribution and industrial control operations in Japan as well as in other Asian countries including China. Schneider Electric contributes its related operations in Japan (most of Schneider Electric Japan Ltd) together with a cash amount of approximately €60 million. The two groups also contribute the joint venture manufacturing circuit breakers in China they have been operating successfully since 2004.
The closing of the operation is expected in October and is subject to regulatory approvals in Japan.
The other operations of Schneider Electric in Japan, such as Digital Corp, APC Japan, Arrow or its joint venture in Variable Speed Drive with Toshiba, pursue their activities independently.
About Schneider Electric