CHIBA, Japan — Seiko Instruments Inc. (President: Hitoshi Murakami, Head Office: Chiba-shi, Chiba; hereinafter “SII”) today announced that SII and OKI Data Corporation (President: Takao Hiramoto, Head Office: Minato-ku, Tokyo; hereinafter “OKI Data”), the printer business company of OKI Electric Industry Co., Ltd. (President: Hideichi Kawasaki, Head Office: Minato-ku, Tokyo; hereinafter “OKI”), exchanged a memorandum regarding the transfer of the wide format printer business owned by Seiko I Infotech Inc. (President: Satoshi Sakata, Head Office: Chiba-shi, Chiba; hereinafter “SIIT”), a subsidiary of SII, to OKI Data. Both companies will pursue negotiations based on the memorandum with a view to completing the business transfer by October 1st, 2015, by executing a definitive agreement.
SIIT has been highly regarded in the sign and graphics and engineering markets for its high product development capability of wide format printers and strong sales force specialized in these target industries. In order for its wide format printer business to achieve further expansion and growth, the enhancement of global sales as well as its product portfolio is essential, therefore SIIT has been looking for an opportunity to realize these objectives through forming alliances with other companies.
OKI positions entering into the high-value-added printer business domain as one of the major growth areas in its Mid-term Business Plan 2016 announced on November 12, 2013. OKI Data has built a strong reputation for their highly reliable printers based on exclusive LED technologies featuring a high-resolution, compact design, and the capability of printing on special-purpose media aimed at professional markets including printing and design. To achieve business growth within the professional printer market, OKI Data believes it must enhance its technology development capability and product portfolio as well as strengthening its sales channels in new product areas such as wide format printers.
SII highly valued OKI Data’s track record and potential for future growth in the professional printer market. This formed the basis of the memorandum exchange.
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