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| PENTAX Corporation is pleased to announce that PENTAX Europe GmbH, its wholly owned European subsidiary headquartered in Hamburg, Germany, will establish a joint-venture company, PENTAX Italia S.r.l, together with MOVI S.p.A in Milan, Italy, based Distributor specialized in the sales of life-care products. The new joint-venture company will be engaged in the sales and marketing in Italy of PENTAX-brand life-care products including endoscopes as well as optical consumer products including cameras and binoculars. |
1. Objective of PENTAX Italia's establishment
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With the foundation of this joint-venture company, PENTAX plans not only to increase sales of PENTAX-brand products in Italy, but also to be represented by its own establishment in one of the major European markets. Under the theme of "Growth and Expansion", PENTAX has been aggressively engaged in the expansion of its main businesses — particularly in the life-care business field. For instance, it established an endoscope direct-sales network in the Spanish market in May of 2005.
The establishment of PENTAX Italia S.r.l constitutes another important step not only in the life-care business field, but also in the Imaging business field. |
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2. Course of PENTAX Italia S.r.l's establishment
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- MOVI S.p.A transferred its PENTAX — life-care business rights and employees to Protégé S.r.l, which is MOVI S.p.A's wholly owned subsidiary distributing PENTAX optical consumer products including cameras and binoculars.
- Thereafter, PENTAX Europe GmbH acquired 60% of Protégé S.r.l's shares. 40 % remain with MOVI S.p.A.
- Protégé S.r.l will be renamed PENTAX Italia S.r.l. as per January 1, 2007.
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3. Overview of PENTAX Europe
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| Company name |
PENTAX Europe GmbH |
| Headquarters |
Hamburg, Germany |
| President |
Minoru Kambara |
| Main business |
Sales and marketing of imaging, optical and medical products in Europe |
| Foundation |
1977 |
| Capital |
10 million euros |
| Shareholders |
PENTAX Corporation ( 100% ) |
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4. Overview of MOVI S.p.A
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| Company name |
MOVI S.p.A |
| Headquarters |
Milan, Italy |
| President |
Paolo Bassani |
| Main business |
Sales and marketing of medical products |
| Foundation |
1912 |
| Capital |
Approx. 7.1 million euros |
| Shareholders |
MOVI LEMAR S.p.A ( 100% ) |
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5. Overview of PENTAX Italia S.r.l ( New joint-venture company )
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| Company name |
PENTAX Italia S.r.l |
| Headquarters |
Milan, Italy |
| President |
Enrico Emilio Bassani ( current Protégé president ) |
| Main business |
Sales of imaging, optical and medical products in Italy |
| Foundation |
January 1, 2007 |
| Capital |
6.5 million euros |
| Shareholders |
PENTAX Europe ( 60% ); MOVI ( 40% ) |
| Sales forecast |
31.35 million euros ( FY2007 )
33.7 million euros ( FY2008 ) |
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6. Timetable ( Dates are Italian local time )
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| December 20, 2006 |
: Contractual Signatures |
| January 1, 2007 |
: Establishment of PENTAX Italia S.r.l |
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7. Financial impact
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Since PENTAX Italia S.r.l has only three months of business operations in the current fiscal year ending March 2007, its financial impact on PENTAX's consolidated statements is expected to be limited. |
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