Ned Bunnell fired

Started Sep 12, 2012 | Discussions thread
Stomie Veteran Member • Posts: 3,119
It was a sales transaction..

Hoya sold, Ricoh bought -

June 30, 2011
NOTICE OF SALE OF THE PENTAX IMAGING SYSTEMS BUSINESS

HOYA Corporation (“HOYA”) and Ricoh Company, Ltd. (“Ricoh”) hereby announce that pursuant to decisions by the President and CEO of HOYA and Representative Director of Ricoh, respectively, HOYA and Ricoh have executed an agreement as of today to transfer HOYA’s PENTAX Imaging Systems Business (the business of developing, manufacturing and selling optical instruments such as digital cameras and replacement lenses, digital camera accessories, security camera-related products, and binoculars) (the “PENTAX Imaging Systems Business”) to Ricoh. HOYA will effectuate this transfer by incorporating a new corporation (“NewCo”), cause NewCo to succeed the PENTAX Imaging Systems Business by way of a corporate split (kyushu bunkatsu) (the “Corporate Split”), and transfer all shares of NewCo to Ricoh (such split and transfer shall be referred to as the “Split/Transfer”) as of October 1, 2011 (Estimated).Prior to the Split/Transfer, HOYA intends to transfer its interests in PENTAX VN CO., Ltd., an overseas subsidiary of HOYA in relation to the PENTAX Imaging Systems Business, to NewCo.
More at link below

http://www.pentaximaging.com/about/press/195

October 1 2011
HOYA Announces Closing of Sale of the PENTAX Imaging Systems Business

HOYA Corporation (“HOYA”) announced today that HOYA executed corporate split agreement and the transfer agreement, as released “Sales of the PENTAX Imaging Systems Business” on July 1, 2011 and “ Notice of Partial Modification and Execution of the Corporation of the Corporate Split (Kyushu bunkatsu) Agreement (Progress report)” on August 10, 2011. As the result, HOYA succeeded the PENTAX Imaging Systems Business to Ricoh Company, Ltd.

HOYA will continue to develop other businesses taken over from PENTAX Corporation when it was merged into HOYA on March 31, 2008, including lens modules for digital cameras, DVD pickup lenses, medical endoscopes, artificial bones, and speech synthesis. Medical endoscopes, artificial bones, and speech synthesis will continue to be operated under the “PENTAX” brand.

http://www.hoya.co.jp/english/news/2011/20111001.html

moving_comfort wrote:

johnbee wrote:

Tom Lusk wrote:

Ricoh appears to be doing what all companies do after buying out/taking over an underperforming company - cleaning house.

Is Ricoh in a position to clean house?
I thought it was a merger?

Ricoh bought Pentax Imaging for about 1/200th of Ricoh's annual revenue.

According to some sources Ricoh paid Hoya US $128 million for Pentax. However, according to Ricoh, it's cost was JPY 15 Billion (US $193,844,410) expressed as net sales loss with no income.
From this March 2013/13 Consolidated Results Statement PDF:

http://www.ricoh.com/IR/data/pre/pdf/h23q4_con.pdf#page=4

And lastly an interesting K30 Financial Report loss chart:

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