Fujitsu Recognizes Loss on Restructuring of European Subsidiaries

Printer-friendly versionPDF version

Fujitsu Limited today announced that it is recognizing a loss in the consolidated financial results for fiscal 2009 in relation to expenses for the restructuring of its European subsidiaries.

Tokyo, January 29, 2010 — Fujitsu Limited today announced that it is recognizing a loss in the consolidated financial results for fiscal 2009 in relation to expenses for the restructuring of its European subsidiaries.

1. Overview of Main Subsidiaries Affected

2. Reason for Loss

Fujitsu Limited acquired Siemens AG’s shares in Fujitsu Technology Solutions (Holding) B.V. in April 2009, making the joint venture a wholly owned subsidiary. Since the acquisition, Fujitsu has restructured its European operations to maximize the synergy between Fujitsu Services and Fujitsu Technology Solutions and maintain the group’s competitiveness amid a challenging market environment.
Specifically, in the second quarter of fiscal 2009, restructuring activities were carried out in Germany and Spain, and Fujitsu is making a total reduction of about 2,200 positions throughout group subsidiaries in Europe while pursuing further integration of its regional operations throughout fiscal 2009. After the restructuring, Fujitsu’s European operations will be reorganized into three sub-regions: the UK and Ireland, the Nordics, and Continental Europe. This new structure will ensure the optimization of resources, while enhancing the efficiency, speed, and competitiveness of the group’s business.
The restructuring expenses will be recognized as a loss in the consolidated financial results.

3. Outlook

The business restructuring activities in Europe will generate a loss of approximately 25.0 billion yen in the consolidated financial results for fiscal 2009 (18.0 billion yen in the first nine months of fiscal 2009).
The restructuring expenses will not affect the current full-year earnings forecast for fiscal 2009.

About Fujitsu

Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 175,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please see:www.fujitsu.com

Press Contacts

Fujitsu Limited

Public and Investor Relations Division

Inquiries

News Source : Fujitsu Recognizes Loss on Restructuring of European Subsidiaries