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News Release

Fuji Electric’s Capital Participation in Vietnamese Engineering Firm to Strengthen Commitment in Asian Engineering Business

Tokyo, December 10, 2015 - Fuji Electric Co., Ltd. (TSE:6504) (“FE”), headquartered in Tokyo, Japan, led by President Michihiro Kitazawa, is pleased to announce that it has concluded a contract to acquire a 65% stake in CAC Joint Stock Company (“CAC”), one of Vietnam’s leading engineering firms, headquartered in Ho Chi Minh City. FE will maximize the use of CAC’s engineering functions to jointly expand business operations in Asia.

1. Background and Objectives
With the expansion of investment in infrastructure in Asia, there has been an acceleration of entry into this market by overseas companies, including Japanese firms.

Under its management policies of “expansion of energy-related businesses” and “globalization,” FE is expanding its business operations in overseas markets, with a focus on the industrial infrastructure and power electronics sectors. In recent years, FE has been forging ahead with the strengthening of its business foundations in the Asian region in particular, through M&As and capital investments.

Specifically, in October 2013, FE invested in a transformer manufacturer in Thailand (new company: Fuji Tusco Co., Ltd.) with the aim of strengthening its transformer business, and in December 2014, it acquired a Singaporean low-voltage power distribution board manufacturer (new company: Fuji SMBE Pte. Ltd.). It also built a new manufacturing plant (Fuji Electric Manufacturing (Thailand) Co., Ltd.) in December 2013. As the core base for FE’s manufacturing operations in Asia, the new plant’s main focus is the production of power electronics equipment.

The objective of FE’s capital participation in CAC, which has a solid track record of plant engineering projects in Myanmar and Cambodia, as well as Vietnam, is to strengthen engineering functions in the region, with the goal of further expansion of Asian operations together. FE has a significant share of the market for power plant in Vietnam, and the new company will be also utilized as a base for its maintenance services.

CAC will maximize the use of “Fe” brand as a group company when marketing especially to Japanese potential customers, with strengthened engineering skills backed by FE.

FE will keep strengthening commitment by undertaking further actions in its operations in Asia, including future M&As.

2. Concrete Actions
  1) Strengthening of engineering capabilities

内蒙古快3FE will leverage CAC’s engineering capabilities to expand its business opportunities in industrial plant and systems with combination of applicable FE’s power electronics equipment (inverters, rotators, UPS), measurement control instruments (DCS, PLC, analyzers, flowmeters, temperature controllers, transmitters), transformer equipment (GIS, switch gears, transformers) and other products and solutions for further customers’ satisfaction.



  2) Utilizing CAC’s customer base

FE will utilize CAC’s customer base to increase sales together, and to meet renovation demand for power distribution systems, production line equipment, process control systems and other products and solutions in a range of sectors, including cement, food and beverage, oil and gas, chemicals, water, paper and steel.


3. Details of Target Company
(1) Name : CAC Joint Stock Company
(2) Established : 1995
(3) Headquarters : Ho Chi Minh City, Socialist Republic of Vietnam
(4) Representative : Nguyen Viet Trung, General Director
(5) Number of employees : 63
(6) Main businesses : Power distribution systems, production line, and process control systems engineering


4.  Details of Capital Participation
(1) New company name : Fuji CAC Joint Stock Company
(company name will be changed upon FE’s equity participation)
(2) Date of payment : February 29, 2016 (to be confirmed)
(3) Equity shares : FE: 65%; Founder’s family: 35%
(4) Revenue target : ¥2.5 billion in FY2018


  ■ Equity Structure after Capital Participation



Reference: M&As and newly established plants in Asia

 

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