Acquisition of MAXRAY shares (subsidiary acquisition) by USHIO LIGHTING

We are pleased to announce that on March 20, 2015, USHIO INC. (Headquarters: Tokyo, President and CEO: Kenji Hamashima, henceforth USHIO), through its 100% owned subsidiary USHIO LIGHTING, INC. (Headquarters: Tokyo, President and CEO: Takamasa Kikkawa, henceforth USHIO LIGHTING) concluded an agreement relating to the acquisition of the stock of MAXRAY INC. (Headquarters: Osaka, President and CEO: Hiroyuki Yamamoto, henceforth MAXRAY). Under the agreement, USHIO LIGHTING plans to acquire 100% of the issued shares of MAXRAY on April 27.

Since its establishment in 1963, USHIO LIGHTING has provided various types of halogen or LED lamps and light sources for general lighting, lighting for shops and commercial facilities, and special lighting. In recent years, it has provided new applications for lighting to public and commercial facilities using a combination of the latest LED devices (hardware) and lighting controls (software), developing its business not only Japan but also countries in Asian region such as China and South Korea.

Meanwhile, since the start-up of its business in 1957, MAXRAY has made its name in specialized design, development, and lighting planning of high-value added lighting technology for commercial facilities. As a result of its strengths, MAXRAY’s products are used in retailers, restaurants and hotels in commercial facilities across Japan, which demand a high level of design. Presently, they are expanding their distribution network overseas, primarily into Asia.

Amid the acceleration of the shift toward LED technology in the lighting market in recent years, USHIO LIGHTING, as a lighting manufacturer, has also pushed forward in strengthening its design and development capabilities, with the necessity to develop its LED and lighting fixture businesses as one, rather than being limited to just selling LED lamps and light sources. USHIO INC., the parent company of USHIO LIGHTING, meanwhile, has until now driven business expansion through M&A, and through this stock acquisition, aims to further expand USHIO LIGHTING, and in particular its high-value added lighting business in LEDs through synergy effects with MAXRAY.

Furthermore, through the signing of this contract, Ryujiro Tsubaki (currently a director of USHIO LIGHTING) will take up the position of President and representative director of MAXRAY on April 27.

Established 1963. Taking up the fields of lighting and imaging as its domain within the USHIO Group, USHIO LIGHTING manufactures and sells lamps and LEDs for use in commercial facilities, staging, studios, and various hall-type venues, as well as lighting for marine, security, and display uses. USHIO LIGHTING also sells precision exposure systems, plastic-related components and devices, and factory automation system in the industrial sector. In addition to its unique integrated business model spanning from light sources to lighting devices, as well as imaging systems in the lighting and imaging sector, USHIO LIGHTING has solidified its place as a total solutions provider, expanding its solutions business centered around meticulous maintenance services, productions, software, and contents.

http://www.ushiolighting.co.jp/en/

Founded 1957. Flagship products in spotlights and downlights with high-quality design and a range rich in variation from suspension lights, wall lights, and floor lights. Under the company mission statement of "a Harmony of Light and Space" and the motto of "More creative, more professional and more distinctive", the company works on the development and design of specialized lighting components for commercial facilities. Annual turnover of \3.7 billion (March 2014).

http://www.maxray.co.jp/english/