The agreement signed in September between Fujitsu Ltd and Telefonica de Espana SA, whereby Fujitsu acquired the other 40% of Fujitsu Espana has lead to several changes in the Spanish subsidiary: Fujitsu Espana’s capital is to be increased by $50m, being the total amount subscribed by Fujitsu Ltd and taking total capitalisation to $122m; Hideo Mita has been appointed chairman and under his guidance the Spanish subsidiary will continue to be key to Fujitsu’s European strategy; it has prepared a corporate plan for Fujitsu Espana under which turnover is intended to increase by 15% in 1992 and the company is to move into profit in 1993; other plans include a boost in production at the Malaga factory, which currently supplies financial printers to ICL Espana SA, an updating of the product range, greater emphasis on the development of software and maintenance and moves to set up business outside Barcelona and Madrid; Telefonica and Fujitsu Ltd have also set up an assessment committee to support the development of Fujitsu Espana, which is to continue to supply equipment to the phone monopoly.
