LONDON and VENLO, The Netherlands, June 10, 2011 /PRNewswire/ --
Canon and Oce are to combine their printing operations in Switzerland, following the completion, on March 9th, 2010, of the public offer of Canon Inc. for Oce outstanding common shares, in an effort to create the overall No. 1 presence in the printing industry.
To facilitate this combination, Canon Europa N.V., a 100% subsidiary of Canon Inc., and Oce N.V. have reached agreement for Oce N.V. to sell 100% of Oce (Schweiz) A.G. to Canon Europa N.V. Oce (Schweiz) A.G. accounts for 3-4% of overall Oce revenues. The transaction price amounts to EUR 15.9 million.
In combining their Swiss businesses, Canon and Oce are addressing specific local market conditions. A combined operation in Switzerland is better placed to generate sales, taking into account the significant indirect business and fierce competition in the local market place. The combined Canon and Oce operation creates the largest printing presence in Switzerland.
Since this combination comprises a related party transaction, it is being executed at arm's length. The transaction is fully in line with Canon's stated intention to adhere to prevailing Dutch corporate governance standards. The transaction has been approved by the Oce Board of Executive Directors and the independent members of the Oce Supervisory Board. This decision took the interests of all stakeholders into account.
In this context, ING Corporate Finance has rendered a fairness opinion confirming that, from a financial perspective, the price is fair to Oce and its shareholders.
About Canon Europe
Canon Europe is the regional sales and marketing operation for Canon Inc., represented in 120 countries and employing over 11,000 people across Europe, the Middle East and Africa (EMEA).
Founded in 1937 with the specific goal of making the best quality camera available to customers, Canon's tireless passion for the Power of Image has since extended its technology into many other markets and has established it as a world leader in both consumer and business imaging solutions. Its solutions comprise products, ranging from digital compact and SLR cameras, through broadcast lenses and portable X-ray machines, to multi-function and production printers, all supported by a range of value added services.
Canon invests heavily in R&D to deliver the richest and most innovative products and services to satisfy customers' creative needs. From amateur photographers to professional print companies, Canon enables its customers to realise their own passion for image. Canon believes that considering the interests of society and the environment is an integral part of good business practice. This is embodied in its corporate philosophy Kyosei - 'To live and work together for the common good'.
Further information about Canon Europe is available at:
Oce is one of the leading providers of document management and printing for professionals. The Oce offering includes office printing and copying systems, high speed digital production printers and wide format printing systems for both technical documentation and color display graphics. Oce is also a foremost supplier of document management outsourcing. Many of the Fortune Global 500 companies and leading commercial printers are Oce customers. The company was founded in 1877. With headquarters in Venlo, The Netherlands, Oce is active in over 100 countries and employs more than 20,000 people worldwide. Total revenues in financial 2010 amounted to approximately EUR2.7 billion. Oce is listed on Euronext in Amsterdam. For more information visit http://www.oce.com. Oce N.V. is a Canon Group company. Canon Inc. owns approximately 90% of Oce N.V.
For more information, please contact: Gina Jones, Corporate PR Manager, Canon Europe Tel: +44(0)208-588-8034 Email: firstname.lastname@example.org Nick Gale, Manager Media Relations, Oce Tel. +31(0)77-359-56-28 E-mail email@example.com
SOURCE Canon and Oce