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Eastman Kodak Company today announced that, through its Japanese subsidiary, it has acquired 87.3 percent of the voting rights of Chinon Industries, Inc. Kodak said it intends to implement a cash-for-stock swap between its subsidiary and Chinon as scheduled, and to de-list Chinon from the Tokyo Stock Exchange.
Kodak initiated the tender offer on January 23, 2004, and intends for Chinon to become a wholly owned subsidiary of Kodak Japan, Ltd. after the cash-for-stock swap. Chinon also will merge with Kodak's Digital Camera Research and Development center in Yokohama, Japan.
The move will help Kodak increase its worldwide design and manufacturing capability for consumer digital cameras and accessories, another advance in the digitally oriented growth strategy that Kodak announced in September.
"Our highly successful collaboration with Chinon began nearly 10 years ago and has evolved over time in response to the growing market for digital products," said Yusuke Kojima, general manager, Worldwide Digital Camera and System Development, Digital & Film Imaging Systems, Eastman Kodak Company. "The successful completion of this tender offer and cash-for-stock swap process allows Chinon and Kodak to further enhance their position in the Japanese market, while simultaneously strengthening their position worldwide."
Susumu Cho, president of Chinon, and the Chinon board of directors unanimously voted to support this transaction. Chinon's board previously noted that, by becoming a wholly owned subsidiary of KJL, the company would enhance its well-developed capabilities in research and development, engineering, operations, and manufacturing. .
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