Our goal is to improve our ability to compete and leverage synergies as effectively as possible. Joining forces represents a win-win situation for both companies. Together with Moritex, we are seeking to become a global leader in imaging and lighting solutions
Tokyo, Japan and Mainz, Germany (Vocus) October 24, 2008
It was announced today that the international technology group SCHOTT (Mainz, Germany) has acquired a majority interest of 70.8% in Moritex Corporation (Tokyo), a publicly held company on the Tokyo Stock Exchange. SCHOTT had submitted a tender offer bid for Moritex Corporation on September 25, 2008. Prof. Udo Ungeheuer, speaker of SCHOTT's Board of Management, considers the acceptance of the bid of 70.8% to be a clear sign of confidence from the market.
"We will leverage our solid majority in the company to increase our cooperation with Moritex, within the scope of our existing business alliance to convince the market and our customers of the success of our partnership by continuing to work towards our common goals. We are optimistic that we'll be able to improve our ability to compete internationally and generate stable growth for both companies," said Prof. Ungeheuer.
SCHOTT is the largest international manufacturer of fiber optic light and image guides. Moritex is the leader in the field of lighting systems based on LED and fiber optic technology, as well as optical imaging systems for industrial image processing (so-called "machine vision systems") in Japan.
"Our goal is to improve our ability to compete and leverage synergies as effectively as possible. Joining forces represents a win-win situation for both companies. Together with Moritex, we are seeking to become a global leader in imaging and lighting solutions," explained Dr. Jürgen Dahmer, the member of the Board of Management responsible for the Fiber Optics business division at SCHOTT.
SCHOTT and Moritex both signed a letter of intent on strategic cooperation in June, 2007 and have been working together successfully in the areas of sales, purchasing and research and development since then. The technology platforms at Moritex and SCHOTT complement each other in an ideal manner. Moritex's technological expertise exists in areas of interest for the markets that SCHOTT addresses, including the medical technology, aviation and automotive industries. SCHOTT offers outstanding technological potential in hot forming, fiber drawing and automated manufacturing processes. The relationship between both companies - SCHOTT with its strong presence in Europe and the United States and Moritex with its strong presence in Asia - will improve access to markets of strategic importance.
SCHOTT has been present in the Japanese market for over 40 years and currently generates 10% of its sales here.
Moritex USA, a subsidiary of Moritex, is headquartered in San Jose, CA. SCHOTT has Fiber Optics manufacturing in Massachusetts with a regional corporate headquarters in New York.
SCHOTT (http://www.us.schott.com) is an international technology group that sees its core purpose as the lasting improvement of living and working conditions. To this end, the company has been developing special materials, components and systems for nearly 125 years. The main areas of focus are the household appliances industry, pharmaceuticals, solar energy, electronics, optics and the automotive industry. The SCHOTT Group is present in close proximity to its customers with production and sales companies in all its major markets. The Group's approximately 16,700 employees generated worldwide sales of approximately 2.1 billion euros for its 2006/2007 fiscal year. The company's technological and economic expertise is closely linked with its social and ecological responsibility. The parent company of the SCHOTT Group is SCHOTT AG, whose sole shareholder is the Carl-Zeiss-Stiftung (Foundation).
SCHOTT North America, Inc.
P: (914) 831-2287
F: (914) 831-2201
Brian.lynch @ us.schott.com
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