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*December 21, 2006 *– Pentax Corp. and Japanese optical glass manufacturer Hoya Corp. announced today a merger between the two companies in a deal worth 91 billion yen ($770 million USD) in shares, according to Reuters. The two companies will be jointly renamed as Hoya Pentax HD Corp., with full integration scheduled for Oct. 1, 2007.
Called one of the biggest Japanese tech deals since the Konica-Minolta merger in 2003 by Reuters, Hoya will act as a holding company for Pentax. Hoya Pentax HD will be headed by Hoya president Hiroshi Suzuki while Pentax president Fumio Urano will become board chairman of the new company.
Hoya was attracted to Pentax for its medical equipment technology, specifically endoscopes, as well as its digital cameras and lenses.
"We see this as a friendly and equal merger," said Suzuki in a Reuters article today.
The new company is estimated to have total annual sales of nearly 500 billion yen ($4.22 billion), according Reuters.