SAN JOSE, Calif. In an effort to "further enhance its financial stability," Japan's Fujitsu Ltd. on Wednesday (Feb. 23) said it has sold a portion of its shareholdings worth 245 billion yen ($2.35 billion) in Fanuc Ltd. and Advantest Corp.
In the transaction with industrial robot giant Fanuc, Fujitsu sold 13 million shares. Remaining shares held in Fanuc are 18,623,963, or 8.76 percent of its voting rights.
Fujitsu also sold 4 million shares of ATE maker Advantest. Remaining shares held in Advantest after the sale are 10,071,396 or 10.93 percent of Advantest's voting rights.
"Fujitsu will maintain and enhance good cooperative relationships with Fanuc and Advantest," according to the electronics giant.
Following a slump within its chip and LCD businesses, Japan's Fujitsu reported consolidated net sales of 1,043.6 billion yen ($10.133 billion) for the third quarter of fiscal 2004, a decline of 2.3 percent compared to the same period in the previous fiscal year.
Fujitsu (Tokyo) recorded a third-quarter consolidated net loss of 9.5 billion yen ($93 million). Consolidated operating income for the third quarter was 4.8 billion yen ($47 million), a decline of 53 percent compared to the third quarter of fiscal 2003 (see Jan. 28 story).