Siemens Formally Withdraws from Computer Industry

German electronics giant Siemens AG has finally made its decision to quit from the computer industry by selling its 50 percent computer-related shares to its joint venture partner Fujitsu for a price of 450 million Euros, or about 590 million US Dollars.

Siemens AG made the announcement in Germany on Tuesday, reported CNFOL.com, a Chinese professional business website.

Co-founded by Japanese Fujitsu and German Siemens in 1999, Fujitsu-Siemens Computer has been the largest computer producer in Europe. It enjoys a market value 1 billion Euros, or 1.3 billion US Dollars.

Siemens group will focus more on the energy industry and medical equipment following its withdrawal from the computer industry, the report said.

Fujitsu-Siemens Computers currently has 15 thousand staff, with six thousand of them in Germany.

The labor union has signaled their concern over a possible staff reduction since it was revealed the company will be completely taken over by an Asian group.

Source: news.alibaba.com