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Wednesday, August 19, 2009

Customer continuity is key says GE Fanuc

GE Fanuc has strongly objected to the idea that the joint venture has collapsed (see blog below), saying this is a strategic move based on changes in the market over the last twenty years. But it does not release turnover details for the joint venture, and with its focus on industrial and process control the joint venture is likely to be suffering as much as any other large equipment supplier.
The company does point to an amicable separation and the two parts will continue to work together to provide continuity for customers.

"The market place has changed, everything has changed since the joint venture was formed twenty three years ago," said a senior spokesperson at GE Fanuc. "One good example is the embedded business that is now a large part of GE. That's what is behind the dissolving, not the collapse, of the joint venture. This is a strategic decision so that both companies can refocus their interests for growth."
GE Fanuc acquired SBS Technologies, which had itself grown fast, and Radstone Technologies, in 2006, the latter for £130m, paying peak prices that I would expect not to be reflecting the same forward earnings in the current climate.
"This is not related to the downturn in the economy, but the downturn has made everyone focus on their business to see what they should focus on as the recovery occurs," said the spokesperson.

The two will continue to work together in motion control applications.

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