Schott Invests in Moritex
TOKYO & MAINZ, Germany, Oct. 24, 2008 -- Germany-based specialty glass maker Schott announced today it has acquired 70.8 percent of optical equipment manufacturer Moritex Corp. of Tokyo.
“We are optimistic that we’ll be able to improve our ability to compete internationally and generate stable growth for both companies,” said Udo Ungeheuer, chairman of Schott's management board. About 10 percent of Schott's sales come from the Japanese market.
Schott is the largest international manufacturer of fiber optic light and image guides for markets including medical, microscopy, defense, automotive and aviation. Moritex makes lighting systems based on LED and fiber optic technology, as well as optical imaging systems for industrial image processing in Japan.
Last month Schott launched a tender offer for Moritex, seeking to acquire at least a 51 percent stake in the business by spending up to 5 billion yen (about $53 million) on shares between Spet. 25 and Oct. 23. At the time, Schott owned 2.2 percent of Moritex. If the tender offer was successful, Moritex said it planned to expand overseas operations under Schott's control, and would add two of Schott's directors to its board.
“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,” said Dr. Jürgen Dahmer, the board of management member responsible for the fiber optics business division at Schott.
Schott and Moritex have been working together in the areas of sales, purchasing and research and development since June 2007. Both companies have subsidiaries with headquarters in the US: Moritex USA is located in San Jose, Calif., and Schott North America Inc. is based in Elmsford, N.Y.
For more information, visit: www.us.schott.com/english/