Hoya, Pentax to merge

Optical-glass manufacturer Hoya will merge with camera and optics maker Pentax in an estimated USD 771 million stock-swap deal expected to be complete on 1 October 2007.
The company resulting from th…

Optical-glass manufacturer Hoya will merge with camera and optics maker Pentax in an estimated USD 771 million stock-swap deal expected to be complete on 1 October 2007. The company resulting from the merger will be renamed Hoya Pentax HD and will focus on life care (such as medical accessories), optics, information technology, eye care and imaging systems, according to a statement from Pentax“s Japanese headquarters. Citing increased pressure from Asian and domestic electronics manufacturers, Hoya Pentax“s newly formed imaging division “will differentiate its offerings by specializing in high-value added products with unique technology and will focus on areas where it has a competitive edge. This area will be positioned as a foundation for development of new optical-related equipment and is expected to diversify into the life care and security business areas” the companies said in a statement. There was no immediate information on what impact, if any, would be felt on Pentax“s US camera business. The merger was described as among the biggest in the precision equipment industry since the tie up of Konica and Minolta, which resulted in both firms withdrawing from the US camera business.