OKI and SII Exchange a Memorandum on Wide Format Printer Business Transfer21 May, 2015
Japan- May 20, 2015 -OKI Data Corporation, an OKI Group company specializing in the printer business, today announced that OKI Data Corporation and Seiko Instruments Inc. ("SII" hereinafter) exchanged a memorandum to transfer the wide format printer business of Seiko I Infotech Inc. ("SIIT" hereinafter), a subsidiary of SII, to OKI Data Corporation. Both companies will pursue negotiations based on the memorandum with a view to completing the business transfer by October 1, 2015, by executing a definitive agreement.
OKI, in its Mid-term Business Plan 2016 announced on November 12, 2013, positions the high-value-added printer business domain it entered, as a major growth area. OKI Data Corporation earns a strong reputation for introducing highly reliable printers based on exclusive LED technologies with a high-resolution, compact design and the capability of printing on special-purpose media for professional markets including the print industry and the design industry.
Meanwhile, SIIT is well-received mainly in the sign-graphic and engineering markets for its high product development ability and strong sales specializing in these target segments. However, it is essential that SIIT enhances overseas sales as well as its product portfolio with a view to further growth for its wide format printer business. SIIT has been seeking measures to achieve this through forming alliances with other companies.
To achieve business growth within the professional printer market, OKI believes it must enhance its technology development ability and product portfolio as well as strengthening its sales channels in new product areas such as wide format printers. SII highly values OKI's track record and potential for future growth in the professional printer market. This formed the basis of the memorandum exchange.
About OKI Data Corporation
OKI Data Corporation specializes in the design, development, manufacture, and marketing of business printing solutions that empower organizations to communicate more effectively. A subsidiary of Tokyo-based OKI Electric Industry (established in 1881 as Japan's first telecommunications manufacturer), OKI Data fields representatives in 120 countries to offer innovative, leading-edge products and services worldwide. For more information, please visit http://www.okiprintingsolutions.com/