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| Sanyo Epson to Establish Manufacturing Subsidiary in Hong Kong |
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Sanyo Epson Imaging Devices Corporation ("Sanyo Epson") will establish a wholly owned subsidiary in the Hong Kong–Shenzhen district on April 1, 2005. To be named Sanyo Epson Imaging Devices (H.K.) Ltd. ("SEHK"), the new subsidiary will take over the display manufacturing operations currently conducted by Epson Precision (Hong Kong) Ltd. ("EPH"), a wholly owned subsidiary of Seiko Epson Corporation ("Epson").
EPH was established in February 1974 as a base for manufacturing watches. Today it functions as the headquarters and production management center of the Epson Group's South China manufacturing operations, building printers, watches, and liquid crystal displays. Its LCD operations began in 1988 at Shenzhen's Po Shun Industrial Factory ("PIF"), a contract manufacturer, which initially carried out back-end processing operations (manufacturing of modules) for calculator and watch displays. Today, it is the back-end processing center for STN and D-TFD panels.
LCDs were formerly used mainly for computer screens, but the range of applications has grown rapidly, extending into such fields as televisions, mobile phones, digital cameras, and automotive devices. A large number of manufacturers have entered this business, and they are now all facing fierce price competition. They are also struggling to keep up with the demand for short-cycle development of new products and to make the large-scale investments both in research and development and in plant and equipment required to produce more advanced panels.
In response to this situation, Sanyo Epson is presently reorganizing its facilities for front-end processing of LCDs. In order to create competitively priced products with high added value, the company also considers it crucial to build up manufacturing capabilities for back-end operations. The establishment of SEHK, as well as Sanyo Epson Imaging Devices (Philippines), Inc. ("SEPH"), is a part of this drive.
Please see the attachment for an overview of the new subsidiary.
Overview of Sanyo Epson Imaging Devices (H.K.) Ltd.Company name
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Company Name
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Sanyo Epson Imaging Devices (H.K.) Limited ("SEHK")
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| Date of establishment |
April
1, 2005 (planned)
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| Head
office
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Suite 2801, Great Eagle Centre, 23 Harbour Road, Wanchai, HKSAR
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| Paid-in capital
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$24 million (approx. 2.52 billion yen), consisting of 24 million shares at par value of $1 |
| Officers
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Director (President): Kiyohiko Shirahata
Directors: Motoharu Komatsu, Hidehiko Seki (Treasurer) |
| Employees
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Approx.
30 |
| Business
activities
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Manufacture and sale of LCD modules |
About Sanyo Epson
Sanyo Epson Imaging Devices Corporation was established by Epson and Sanyo Electric Co., Ltd. on October 1, 2004. Epson holds 55% of the joint venture, and SANYO 45%. The new company aims to become a leading manufacturer of small and medium-sized liquid crystal displays for mobile phones, digital cameras, and automotive applications. For further information, visit Sanyo Epson's website at
http://www.epson-imaging.com/e/.
About Epson
The Epson Group is a network of 84,899 employees in 110 companies around the world, and is proud of its ongoing contributions to the global environment and to the communities in which it is located. Led by Japan-based Seiko Epson Corp., which is listed on the First Section of the Tokyo Stock Exchange, the Group had consolidated sales of 1,413 billion yen in fiscal 2003. For further information, visit Epson's website at
http://www.epson.com/.
About SANYO
Sanyo Electric Co., Ltd. is one of the global consumer electronics giants leading the way in technology innovation for its strategic business domains "Digital & Device" and "Energy & Ecology." SANYO's businesses cover a broad range from AV/information and communications equipment, home appliances, commercial equipment, electronic devices, batteries and others. For further information, visit SANYO's website at
http://www.global-sanyo.com/.
Contacts:
Corporate Communications
Sanyo Epson Imaging Devices Corporation
E-mail: www@epson-imaging.com
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