Hoya Corporation and Pentax Corporation have announced their intention to join forces on 1 October, 2007, in a new company that will be known as Hoya Pentax HD Corporation.
January 8, 2007: Hoya Corporation and Pentax Corporation have announced their intention to join forces on 1 October, 2007, in a new company that will be known as Hoya Pentax HD Corporation.
A press release from both companies states they have: ø¢â‚¬Å“recognised that they are the best possible business partners to establish a solid business structure that draws on their respective strengthsø¢â‚¬ . The new business entity will incorporate seven divisions, which are described as follows:
ø¢â‚¬ ¢ Life care area covering medical devices such as endoscopes, medical accessories, new ceramics and intraocular lenses.
ø¢â‚¬ ¢ Optics area, which includes optical glass and lenses, digital camera modules, micro-lenses and related equipment.
ø¢â‚¬ ¢ Information technology area, a core earnings driver covering mask blanks and glass disk substrates, where Hoya has secured a leading market position globally.
ø¢â‚¬ ¢ Eye care area that takes in eyeglass lenses and contact lenses.
ø¢â‚¬ ¢ Imaging systems covering digital cameras, binoculars and related products.
ø¢â‚¬ ¢ New areas, other areas including business systems equipment, survey equipment, and areas with future earnings growth opportunities.
ø¢â‚¬ ¢ Research and Development will integrate the current R&D centres of both companies.
The integrated firm will be managed through a committee system under Japanese Company Law to ensure strong corporate governance. The board will consist of 10 directors, five of whom will be non-executive directors, further reinforcing management transparency. Three of the executive directors will be appointed from Hoya and the others from Pentax. Fumio Urano (current Pentax President & CEO) will become Chairman of the Board and Hiroshi Suzuki (current Hoya President and CEO) will become President & CEO. A definitive merger agreement will be signed in April, with meetings of shareholders taking place in June before the effective merger date of 1 October.