Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Siemens, Fujitsu Cement Tie-Up

FRANKFURT, Germany -- Germany's Siemens AG and Japan's Fujitsu Ltd. said Tuesday they had finalized their personal computer joint venture, adding that they aim to become Europe's largest PC maker by 2001.

The new firm, to be called Fujitsu Siemens Computers, will be headed by Siemens management board member Rudi Lamprecht. Fujitsu's Tet Suo Urano will be vice chairman. The new 50/50 joint venture aims to post annual sales growth of 40 percent.

The deal was first announced June 17. The new company is due to start production in October. It will combine Fujitsu Computers (Europe) Ltd., which has annual sales of about $2.07 billion, and Siemens Computer Systems division, which has sales of $4.13 billion.

Competition in the European market has heated up since Compaq Computer Corp. said last September that it aimed to extend its market share in Europe, and in Germany in particular.