(BUSINESS WIRE)-- Fuji Electric Co., Ltd. (TOKYO:6504)(“FE”), headquartered in Tokyo, Japan, led by President, Michihiro Kitazawa, is pleased to announce that FE is going to make a capital investment to take majority share of Tusco Trafo group (“TUSCO”), headquartered in Samutprakarn, Thailand, through FE’s subsidiaries in Thailand, Fuji Electric Power Supply (Thailand) Co., Ltd. (“FPT”) and Fuji Electric (Thailand) Co., Ltd. (“FET”) as of October 1st, 2013.
1. Purpose
In Asia, investments in social and industrial infrastructure are growing, and foreign investments including those from Japan is accelerating. FE regards Asia a noteworthy area and aims big sales increase by meeting various demands from such investment. FE also tries to establish consistent value chain in the area from planning thorough manufacturing and to sales.
TUSCO is one of the most influential transformer manufacturers in Thailand, and has a good track record not only in Thailand, but also in South East Asia and Africa.
By taking majority stake of TUSCO, FE will make utmost use of the resources and expand power Transmission & Distribution business in Asia.
Expanding FE’s product line up FE will make the best use of the TUSCO’s latest facilities and, through FE’s licensing, expand FE’s line up of transformers as its own brand for social and industrial business fields with more competitiveness in price.
Expanding sales and service network FE will expand sales and meet customers’ demands for systems replacements by utilizing TUSCO’s sales and service network.
2. Description of Investee Company
(1)Company name
:
Tusco Trafo Co., Ltd.
(2)Year of establishment
:
1996
(3)Location
:
Samutprakarn, Thailand
(4)Representative
:
Managing Director, Visit Cochasit
(5)Amount of sales
:
THB 1,174,000,000
(Approx. 4 billion yen at 3.4 JPY/THB) (FY2012)
(6)Number of employees
:
251
(7)Description of business
:
Manufacture, sales and maintenance service of transformers, switchboards and control panels
(8)Subsidiaries
:
Thai Union Switchboard Co., Ltd.
Tusco Copper Corporation Co., Ltd.
Thai Corrugate Co., Ltd.
Tusco Energy Co., Ltd.
3. Overview of Capital Participation
(1)New company name
:
Fuji Tusco Co., Ltd.(To be changed after capital participation)
(2)Date of capital Participation (plan)
:
October 1, 2013
(3)Capitalization
:
THB 866,000,000
(Approx. 2.94 billion yen at 3.4 JPY/THB) (After capital participation)
(4)Representative
:
Managing Director, Visit Cochasit (the Founder)
(5)Shareholders
:
FE group total 67.7%(FPT 49.0％ FET 18.7％)
Tusco Holding Co., Ltd 32.3％
Description of FE & its Subsidiaries
Fuji Electric Power Supply (Thailand) Co., Ltd. (FPT)
(1)Company name
:
Fuji Electric Power Supply (Thailand) Co., Ltd.
(2)Year of establishment
:
1988
(3)Location
:
Pathumthani, Thailand
(4)Description of business
:
Manufacturing and sales of small- to medium-size UPS and internal power supplies
(New factory for power electronics products under construction in neighboring area)
(5)Shareholders
:
FE 100%
Fuji Electric (Thailand) Co., Ltd.(FET)
(1)Company name
:
Fuji Electric (Thailand) Co., Ltd.
(2)Year of establishment
:
1995
(3)Location
:
Bangkok, Thailand
(4)Description of business
:
Sales and engineering of electric substation equipment, control panels, and other electric equipment
(5)Shareholders
:
FE & its subsidiaries 100%
About TUSCO
Tusco Group, a manufacturer of high quality distribution & power transformer and related products is head-quartered in Samutprakarn, Thailand. It was originally founded in 1981 by Managing Director, Visit Cochasit. Tusco group has steadily expanded its products line which supplied to Thailand domestic market and as well as exporting to more than 36 countries in Asia, Europe, The Middle East, Africa, and Australia.
About Fuji Electric
Fuji Electric Co., Ltd., headquartered in Tokyo, Japan, is a global company with businesses focused on electric power, industrial systems solutions, and public and industrial infrastructure since 1923. Moving forward, Fuji Electric strives to expand its business in energy and the environmental technologies by fusing and strengthening its core technologies. Please visit the Company’s website for further information: http://www.fujielectric.com/
Contacts
Inquiries in English
Fuji Electric Co., Ltd.
Ayaka Mouri, +81-3-5435-7206
Public Relations
mouri-ayaka@fujielectric.co.jp
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