Buena Vista, CA—Noritsu’s parent company, Noritsu Koki Co., Ltd. (NKC), recently announced that its shares in the Imaging Division, NK-Works (NKW), will be transferred to a “more progressive company.” Also based in Japan, the purchasing company is LifeStyle Japan Limited Partnership.
“This is an exciting undertaking for NKW, and please rest assured that our operations in the United States and Canada will continue as soundly as before,” Motohiro Akai, president and CEO of Noritsu America Corporation and Noritsu Canada Limited, wrote in a letter posted on the company’s website.
“When the photo-imaging industry started its slow decline, NKC began to explore diverse ventures outside of the traditional imaging realm. They were successful in establishing several new companies within three distinct industries: medical, agricultural and environmental. NKC’s concentration gradually shifted away from imaging, and Research and Development, investments, and other finite resources were refocused towards these new endeavors,” Akai added.
During this time, a start-up, LifeStyle Japan, began expanding beyond its core business. Searching for acquisitions that aligned with their targeted customer base and style of business, they came upon NKW.
“The match was built on a solid foundation of interest, advancement and investment strategy. Soon, an agreement was reached for LifeStyle Japan to purchase NKW,” Akai said.
According to Akai, Michio Fujimoto, president of NKW, “still expresses his commitment to the imaging business and industry as a whole. The Noritsu that introduced the one-hour photo lab to the world and so many other exceptional products and innovations since will continue to do so without interruption. Our new shareholders are dedicated to NKW’s continued success and are excited to put our collective and united resources to work for you.”
Upon final approval of the NKC shareholders, the transaction will take effect on February 26, 2016. noritsu.com