Fuji Electric : Notification of Dissolution of Joint Venture with GE in Electric Meter Business and Completion of Share Acquisition
September 08, 2016 at 10:11 pm EDT
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August 31, 2016 - Fuji Electric Co., Ltd. (TSE:6504) ('FE'), headquartered in Tokyo, Japan, led by President Michihiro Kitazawa, today announced that it has dissolved the joint venture with General Electric ('GE') of the U.S. in the electric meter business. FE has also acquired from GE Energy Japan, Ltd. ('GEEJ'), a GE's subsidiary in Japan, all of the shares in GE Fuji Meter Co., Ltd. ('GFM'), the joint venture company. This has made GFM a wholly-owned subsidiary of FE.
1．Background to Dissolution of Joint Venture and Acquisition of Shares in Joint Venture Company GFM was established through a joint capital investment of FE and GEEJ in February 2011 for the purpose of designing, manufacturing and marketing electric meters for the Japanese market. It has developed its business by properly seizing the market opportunities arising from the dissemination of smart meters in Japan.
GE sold off the global electric meter business in December 2015 as part of its business portfolio strategy.
In response, FE and GEEJ came to an agreement on the acquisition by FE of the GEEJ-owned shares in GFM and termination of the joint venture agreement.
2．Outline of Joint Venture Company
Present
After dissolution of joint venture
(1) Company name
GE Fuji Meter Co., Ltd.
Fuji Electric Meter Co., Ltd.
* Company name to change in March 2017 (scheduled)
(2) Head office address
1-11-2 Osaki, Shinagawa-ku, Tokyo
Same as on the left
(3) Name of representative
Micho Shinozaki, Chairman and representative director, CEO
3．Schedule for Dissolution of Joint Venture and Acquisition of Shares in Joint Venture Company Date of dissolution of joint venture in electric meter business with GE and completion of share acquisition: August 31, 2016
Fuji Electric Holdings Co. Ltd. published this content on 31 August 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 September 2016 02:11:06 UTC.
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Fuji Electric Co specializes in manufacturing and marketing electric and electronic components. Net sales break down by family of products as follows:
- electric equipments and systems (38.7%): generators, meters, electricity transmission and control systems, etc. for individuals and thermal and hydraulic industries;
- electronic equipments and components (33.8%): magnetic contactors, magnetic contactors, uninterruptible power supply systems, power control systems, semiconductors, magnetic disks, energy distribution systems, etc.;
- vending machines (12.4%): hot and cold beverages, snacks, money distributors, etc.;
- industrial electric equipments (11.7%): primarily installation control systems, measurement instruments, power supply systems and captors;
- other (3.4%).
FUJI ELECTRIC CO., LTD 
