NSG Group announces the completion of Sale of Telecommunication Device Division
Nippon Sheet Glass Co., Ltd. (“the Company”) confirms that, further to the Company's announcement of 20 May 2009 concerning the sale of its Telecommunication Device Division, as defined below, agreement has been reached under which Go!Foton Holdings Inc. has acquired the business, through a management buyout.
The acquisition includes the manufacturing facilities and trade rights for optical component and module products, as well as photo diode-based products for the optical telecommunications market. Under the agreement, Go!Foton operates NSG America (NAI), NSG Micro Optics Philippines (NMO) and a newly established company, Go!Foton Inc. in Japan for the business in Japan. NAI and NMO will change their names within the next 12 months.
This transaction does not include the NSG Group's Information Device (ID) business, which supplies the markets for printers, scanners and other equipment, or NSG's proprietary SELFOC® Micro Lens (SML®) technology. However, Go!Foton will exclusively distribute SML® products for the optical communication market worldwide. Go!Foton will also distribute ID products in North America and Europe.
Keiji Yoshikawa, Executive Director of NSG Group and the head of the Group's Specialty Glass business line said “This transaction will ensure that all our existing customers will be able to enjoy continuity of supply for the products currently supplied by the NSG Group in the optical communication market. We look forward to working with Go!Foton in the future, both as a customer and a distributor”.
Dr. Simin Cai, former manager of the NSG Group's TD business and now CEO of Go!Foton Holdings, commented. “Under this arrangement, Go!Foton is able to continue to supply high-quality products originally developed by the NSG Group. Our aim will be to continue developing more products of consistently superior quality to better serve our customers, existing and new.”