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Toshiba and Fujitsu combine forces to create Japan's second largest mobile phone manufacturer

Updated Dec 19th, 2018 6:40PM EST

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Toshiba and Fujitsu confirmed on Thursday that the two Japanese companies will be merging their mobile phone business units. As part of the merger, Toshiba will spin off its mobile division into a new company with Fujitsu acquiring a majority stake in this newly formed venture. The resulting company will become Japan’s second largest mobile phone maker with an estimated 18.7% market share. Details are expected to be finalized in July with the merged company beginning operations in October of this year.