In a change of plan Hoya will u2018mergeu2019 with Pentax on 31 March 2008, instead of Pentax becoming a u2018wholly-owned subsidiaryu2019 of Hoya. The move is designed to strengthen Pentax businesses by enabling Pentax management to put plans into practice more quickly.
In a change of plan Hoya will ?merge? with Pentax on 31 March 2008, instead of Pentax becoming a ?wholly-owned subsidiary? of Hoya. The move is designed to strengthen Pentax businesses by enabling Pentax management to put plans into practice more quickly.
The two companies had originally planned to merge in an agreement first discussed in December last year.
But subsequent talks led to Hoya buying around 90% of Pentax shares, thereby making Pentax a wholly-owned subsidiary of Hoya.
However, in a statement issued today the firms state: ?We thought that it would be significant to demonstrate the mobility and flexibility of the management in order to strengthen the principle businesses of Pentax.
?It is desirable for each business unit of Pentax to be enabled to make management decisions and to take actions as promptly as the business units of Hoya do, and to appropriately allocate the management resources within the Hoya group taken as a whole, not within the small framework of a subsidiary. To that end we reached a conclusion that the management integration through a merger as initially contemplated would be most appropriate.?
The Pentax brand will remain following the merger ?in light of its importance and economic value?, added the statement.