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HOYA, SEIKO and EPSON; Agreements Executed in the Field of Optical Products Business
Tokyo (ots/PRNewswire) - HOYA Corporation ("HOYA") today executed an agreement with Seiko Epson Corporation ("EPSON") on the transfer of Epson's eyeglass lens development and manufacturing to HOYA. The day of the transfer is planned for the 1st February 2013.
HOYA also executed today an agreement with Seiko Holdings Corporation ("SEIKO") on the partial ownership of Seiko Optical Products Co., LTD., ("SOP") a SEIKO's wholly owned subsidiary, responsible for the sales of the eyeglass-related eyewear and related product globally. Based on the agreement above HOYA is going to acquire the 30% share of the SOP on the 1st February 2013, and additional 20% on the 31st March 2014.
HOYA is going to implement of those agreements on the schedule mentioned, subject to the necessary approvals from the various authorities and the completion of preparation.
With the accumulated expertise and knowledge on the development, manufacturing and sales of the eyeglasses and related products, which are generated uniquely by EPSON, SEIKO and HOYA, HOYA will commit to improve the satisfaction of our consumers and customers throughout the world by enlarging the range of products as well as our service.
This is the follow up of the announcement of the 10th April 2012 that HOYA entered into the basic agreements between EPSON and SEIKO, to announce definitive agreements have been executed. Please refer to the previous release which you can find in our website for further information.
"Basic Agreement executed in the field of eyewear business aiming to promote the Japanese distinctive brand and optical technologies worldwide"
Separate disclosure has been made today regarding the agreement with SEIKO at the Tokyo Stock Exchange according to the Rules on Timely Disclosure of Corporate Information by Issuers of Listed Securities. http://www.hoya.co.jp/english/news/2012/20121116.pdf
Ms. Akiko Maeyama, Hoya Investor Relations - Tel:
+81-(0)3-3232-0062, Email: email@example.com