LEXINGTON, Ky., April 1, 2013 /PRNewswire/ -- Funai Electric Company, Ltd. (TSE/OSE 6839) today announced that it has signed an agreement to acquire Lexmark International, Inc.'s (NYSE: LXK) inkjet-related technology and assets for approximately $100 million (approximately JPY 9.5 billion).
Upon closing of the transaction, Funai will acquire more than 1,500 inkjet patents, Lexmark's inkjet-related research and development assets and tools, all outstanding shares and the manufacturing facility of Lexmark International ( Philippines), Inc., and other inkjet-related technologies and assets. Through this transaction, Funai will acquire the capabilities to develop, manufacture and sell inkjet hardware as well as inkjet supplies. The transaction is subject to customary closing conditions and is expected to close within the first half of 2013.
As an OEM manufacturer, Funai has manufactured inkjet hardware for Lexmark since 1997 and the companies have established a strong relationship over that time.
The acquisition of the inkjet-related technology and assets will enable Funai to launch new inkjet hardware and supplies under Funai's own brands. Funai has established a strategy to develop and grow its inkjet printer business by introducing Funai's own inkjet printers and supplies into the market. With the inkjet patents, state-of-the-art manufacturing facilities and comprehensive R&D capabilities, Funai will be able to accelerate the expansion of its inkjet business.For Lexmark customers and distributors, there will not be a disruption of service or support as they continue to work directly with Lexmark. Funai will become a manufacturer of Lexmark's aftermarket inkjet supplies. Lexmark will continue to support its installed base of customers in the sale of aftermarket inkjet supplies and will continue to provide customer technical and warranty support. Goldman, Sachs & Company acted as the exclusive financial advisor to Lexmark on this transaction.
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