Lexmark InkJet Technology and Assets Acquired by Funai Electric CompanyApril 12, 2013 No Comments
Lexmark International Inc. had announced early this month that Funai Electric Company their agreement to acquire the former’s inkjet-related technology and assets for approximately $100 million. This includes Lexmark’s 1,500 inkjet patents, Lexmark’s inkjet-related research and development assets and tools, all outstanding shares and the manufacturing facility of Lexmark International (Philippines), Inc., and other inkjet-related technologies and assets. It is also stated in Lexmark’s official press release that Funai will also acquire the capabilities to develop, manufacture and sell inkjet hardware as well as inkjet supplies.
“This transaction provides us with a crucial and tremendous opportunity to enhance our office solution business,” said Funai president and chief executive officer, Tomonori Hayashi. “Funai and Lexmark have developed a great partnership, and we are glad to take over Lexmark’s inkjet-related technology and assets. The acquisition of the inkjet-related technology and assets enables Funai to start and grow our own inkjet business. Funai will benefit from the strong inkjet business platform that Lexmark has established.”
“As we continue our transition to becoming a leading end-to-end solutions provider, this transaction essentially completes our exit from the ownership of inkjet-related assets, although we will continue to support our existing customer base with the sale of inkjet supplies,” said Paul Rooke, Lexmark chairman and chief executive officer. “Funai has been a trusted partner of Lexmark’s since 1997, and I am fully confident in Funai’s ability to deliver high-quality inkjet supplies for Lexmark.”
The whole agreement and transaction, as stated, is subject to customary closing conditions and is expected to close within the first half of 2013.
It was also said in the press release that:
“The acquisition of the inkjet-related technology and assets will enable Funai to launch new inkjet hardware and supplies under Funai’s own brands. Funai has established a strategy to develop and grow its inkjet printer business by introducing Funai’s own inkjet printers and supplies into the market. With the inkjet patents, state-of-the-art manufacturing facilities and comprehensive R&D capabilities, Funai will be able to accelerate the expansion of its inkjet business.”
Funai Electric Company had been working with Lexmark International Inc. has been manufacturing Lexmark inkjet hardware since 1997 and has been long then building a strong relationship with the OEM printer manufacturer.
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