Fuji Electric's Announcement of Capital Investments to Tusco Trafo, the Thai Transformer Manufacturer, to Strengthen Commitment

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

Business Wire

TOKYO -- July 25, 2013

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 1^st, 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
                                   Manufacture, sales and maintenance service
  (7)Description of business   :   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   :   October 1, 2013
  (plan)
  (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
                                   Sales and engineering of electric
  (4)Description of business   :   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/

Contact:

Inquiries in English
Fuji Electric Co., Ltd.
Ayaka Mouri, +81-3-5435-7206
Public Relations
mouri-ayaka@fujielectric.co.jp
 
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