Tue, Sep 25, 2012 - Page 15 News List

Fujitsu looking to find buyers for its semiconductor unit

Bloomberg

Fujitsu Ltd, Japan’s biggest provider of computer services, is seeking buyers for its semiconductor business as part of a restructuring effort, according to people familiar with the situation.

SUPERCOMPUTER

The Tokyo-based maker of the K supercomputer hired UBS AG as a financial adviser on the sale process, said those people, who declined to be identified because the decision has not yet been made public.

SLUMPING DEMAND

Fujitsu has been hurt by slumping demand for semiconductors used in flat-panel televisions and is restructuring its businesses after competition with South Korea’s Samsung Electronics Co and Apple Inc pushed Japanese consumer electronics makers, including Sony Corp, Sharp Corp and Panasonic Corp, into losses.

“Nothing has been decided at this point,” Masahiro Yamane, a Tokyo-based spokesman for Fujitsu, said in a telephone interview. He declined to elaborate further.

NO COMMENT

UBS representatives did not return calls or e-mails seeking comment.

Fujitsu, which has lost 24 percent of its value since the beginning of the year, in July reported a first-quarter loss that was bigger than analysts predicted as a worsening economy in Europe and a slowdown in the US hurt sales in its solutions business. The company’s market value was ¥629 billion (US$8.06 billion) as of Thursday.

NET LOSS

The net loss of ¥23.8 billion for the three months ended June 30 exceeded the average 12.4 billion yen loss projected by five analysts polled by Bloomberg. The company’s operating loss, or revenue minus the cost of goods sold and administrative expenses, totaled ¥25 billion and sales fell 2.9 percent to ¥957.4 billion.

This story has been viewed 2098 times.
TOP top