April 2, 2012: a great day to officially wash your hands of an unprofitable business. On the heels of Philips stuffing
its TV biz into a joint venture, Fujitsu announced it has bought out Toshiba's stake in Fujitsu Toshiba Mobile Communications (just like we knew
it would). Fujitsu already had a controlling 80.1 percent interest in the company, so this doesn't exactly mark a seismic change in management. Still, with that final 19.9 percent it's now a fully owned subsidiary of the Fujitsu Group, and has been rechristened Fujitsu Mobile Communications. We've got the PR below, but unless you want to know how much capital the division has (¥450 million, to be exact), we think we've got you covered on the facts.
Fujitsu Converts Fujitsu Toshiba Mobile Communications into a Wholly Owned Subsidiary
Tokyo, April 2, 2012 - Fujitsu Limited and Toshiba Corporation today announced that, as of April 1, 2012, Fujitsu has acquired Toshiba's ownership stake in Fujitsu Toshiba Mobile Communications Limited, which develops and sells mobile phones for KDDI and other carriers. As a result, Fujitsu Toshiba Mobile Communications has been converted into a wholly owned subsidiary of Fujitsu.
Reason for making the company a wholly owned subsidiary of Fujitsu
With respect to the merger of the mobile phone businesses of Fujitsu and Toshiba, in October 2010 Fujitsu received an ownership stake of 80.1% in Fujitsu Toshiba Mobile Communications, making the company a consolidated subsidiary of the Fujitsu Group.
Fujitsu has now received Toshiba's 19.9% ownership stake, establishing Fujitsu Toshiba Mobile Communications as a wholly owned subsidiary of Fujitsu.
Due to the conversion of Fujitsu Toshiba Mobile Communications into a wholly owned subsidiary of Fujitsu, as of April 1, 2012, the company's name has been changed to Fujitsu Mobile Communications Limited.