Tokyo, January 28, 2014 - Fuji Electric Co., Ltd. (TSE:6504) ("FE"), headquartered in Tokyo, Japan, led by President, Michihiro Kitazawa, and GE Fuji Meter Co., Ltd. ("GFM"), a joint-venture company between FE and GE headquartered in Tokyo, Japan, are pleased to announce that they have decided on a capital investment as described below to increase the smart meter production capacity.
1. Background and Purpose
In Japan, with the movement toward separation of power generation and transmission as well as electricity deregulation in the background, utility companies are proceeding with plans to introduce smart meters, and GFM was named one of the winning bidders in a tender for a project for Tokyo Electric Power Company in November 2013.
For the project mentioned above and receiving orders for and accommodating projects for plans of utility companies nationwide, we are going to make a capital investment to establish a production system for competitive smart meters.
FE is moving ahead with the business of power distribution smartification as a business strategy for achieving the medium-term management plan and positions smart meters as its key component. We aim to establish a position as the leading group in terms of market share in the smart meter market by strengthening the manufacturing system.
2. Overview of Investment Plan
A new automated production line will be constructed in GFM's Azumino Factory, a domestic production base for meters.
(1) Location: GFM's Azumino Factory