Canon Inc. has announced its acquisition of Océ NV for about 730 million euros (+/-A$1.16 billion) in cash.
The acquisition will enable Canon to expand its printer operations and also to assist the company enhance it's position in the global market office equipment market.
Canon has stated that integrating the two companies may take up to three years.
Whilst the rest of the statement from Canon focused on the Océ's primary market which is office equipment and high speed digital printing, Océ is still ranked as one of the world's largest maker of wide format printing equipment with the very popular Arizona series of flat bed printers. They also have the CS series of solvent printers.
Here is the official press release from Simon Wheeler, Managing Director Océ Australia Limited :
This week Océ announced important news that I want to share with you directly. Océ and Canon have the intention to combine their printing businesses, a transaction which results in a combined company becoming a global leader in the printing industry. The combination offers an outstanding portfolio as well as a great geographic spread.
We are convinced the combined business will create significant benefits for our customers, employees, shareholders and the supplier community. The announcement of today is the outcome of a strategic review exploring possibilities to enhance economies of scale. We believe that this combination enables us to build further on what Océ and its employees have accomplished in over 130 years.
I think it is important to emphasize that we share a similar background in corporate values with Canon. We both have a client oriented culture and a technology driven business model. Without a doubt, this will mean many new opportunities for those doing business with us. The combination will strengthen our distribution power, increase our product competitiveness and improve our operational excellence.
Océ will become a separate division within Canon and our headquarters remains in Venlo (the Netherlands). Océ will lead it’s print related R&D and manufacturing. Current Océ Centres including R&D in the Netherlands will remain a centre of technological expertise within the combination. The Océ team will also take up the worldwide responsibility for Wide Format and Commercial Printing, as well as Business Services. Our Office activities will be integrated into Canon’s.
The Océ name will remain an important brand within the portfolio of the combined company and the full Océ Board will remain in place. We all share great pride that the combination will be a global champion in the printing industry.
It is expected that the anticipated transaction will be closed in the course of next year. We intend to inform you further on the transaction process and the relevant next steps in the months to come.
Canon Australia
http://www.canon.com.au/
Océ Australia
http://www.oce.com/
