Canon to buy Oc?
Canon is stumping up 730 million euros to buy Oc? "to create the overall number one presence in the printing industry". In a joint statement the companies said that Canon intends to offer 8.60 euros per share for Oc?'s outstanding shares. Oc?'s management and supervisory boards support the offer and will recommend it to shareholders and key stakeholders have already agreed to the move.
Integrating the two companies will take about three years, according to the statement, which focuses on the office equipment market and high volume print, though both are well established in the wide-format inkjet sector. Oc? will remain a separate legal entity as a Canon division, headquartered in Venlo, Netherlands. Its brand is to be maintained and Oc? will lead its own R&D and manufacturing. The Oce management board and other key management remain in place. Canon has said no redundancies will be made as a result of the offer.?
Canon president Tsuneji Uchida said: "Through the merger of Canon and Oc?, we believe that we will be able to realise clear benefits, not only in the area of R&D, but also in terms of product mix and marketing and are confident that this winning combination will contribute greatly to our goal of becoming the overall number one presence in the printing industry."?
Oc? CEO Rokus van Iperen added: "There is a great fit between our companies. This is the best possible combination in the consolidating global printing industry and will deliver scale in?R&D, manufacturing and distribution.
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