Share
News Release
Notification of Dissolution of Joint Venture with GE in Electric Meter Business and Completion of Share Acquisition
August 31,2016
Fuji Electric Co., Ltd.
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
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