Seiko Holdings Corp : Basic Agreement on Strategic Alliance in the Eyewear Products Business
April 10, 2012 at 02:22 pm IST
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2012/04/10
[SEIKO HOLDINGS CORPORATION]
Basic Agreement on Strategic Alliance in the Eyewear
Products Business
Seiko Holdings Corporation (8-10, Toranomon 2-chome,
Minato-ku, Tokyo, Japan, President Shinji Hattori, "Seiko")
and HOYA Corporation (2-7-5, Naka-Ochiai, Shinjuku-ku,
Tokyo, Japan, President and CEO Hiroshi Suzuki, "HOYA")
entered into a basic agreement to begin discussions about
forming a global alliance in marketing and distribution to
promote eyewear products globally through, among others,
possible transfer of partial ownership of Seiko Optical
Products Co.,Ltd., (9-9, Hatchobori 1-chome, Chuo-ku,
Tokyo, Japan, President Takashi Wakuyama, "SOP") a wholly
owned subsidiary of Seiko to HOYA.
Seiko and HOYA hope to conclude a legally binding
definitive agreement at the earliest opportunity through
the aforementioned discussions.
Also today, SOP's main supplier of eyeglass lens, Seiko
Epson Corporation (3-3-5, Owa, Suwa-shi, Nagano, Japan,
President Minoru Usui, "Epson") entered into a basic
agreement with HOYA to begin discussions about transfer of
Epson's eyeglass lens development and manufacturing
business to HOYA.
Seiko Group Corp is a Japan-based company mainly engaged in the operation of watch business, electronic device business and system solution business. The Company operates through three business segments. The Watch segment is engaged in the manufacture, wholesale and retail of watches and watch movements, as well as watch repair and after-sales service. The Electronic Device segment is engaged in the manufacture and sale of crystal oscillators, batteries and materials, printers, and precision parts. The System Solution segment is engaged in the manufacture and sale of products related to wireless communication equipment, information network systems, and data services. The Company also operates the time creation and wako business, including the sale of equipment clocks and sports timing equipment, the development manufacture, sale, repair and after-sales service of clocks, the retail of luxury jewelry, apparel and miscellaneous goods, and real estate leasing business.
SEIKO GROUP CORPORATION 
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