Fuji Electric’s Announcement of Capital Investments to Tusco Trafo, the Thai Transformer Manufacturer, to Strengthen Commitment in T&D Business in Asia

July 25, 2013

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Fuji Electric’s Announcement of Capital Investments to Tusco Trafo, the Thai Transformer Manufacturer, to Strengthen Commitment in T&D Business in Asia

Tokyo, July 25, 2013 – Fuji Electric Co., Ltd.(TSE: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. The announcement is yet another sign of growth from the global electronics manufacturer, having previously announced a new corporate office in Sao Paulo, Brazil as part of its expansion efforts in Latin America.  Fuji Electric Corp. of America, the Company's wholly-owned subsidiary responsible for sales, marketing, and distribution in the Americas, has been conducting business in Latin America since the 1990's, and has already experienced growth in the region due to their new office and sales staff.  The company expects to see the same results from their investment in Tusco Trafo, solidifying their focus on growth in the Asian market. 

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 capitalParticipation(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%
 

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Media Contact:

Doretta Caprarola
Fuji Electric Marketing Manager
(201) 490-3933
dcaprarola@fecoa.fujielectric.com

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