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OKI Signs Agreement on Transfer of Reed Switch Business with Standex

Accelerating selection and concentration in order to be a company that generates stable earnings

TOKYO, February 2, 2017 -- OKI (TOKYO: 6703) today announces that OKI signed an agreement with Standex International Corporation Group ("Standex" hereinafter) to transfer to the company all shares of Oki Sensor Device Corporation ("OKI Sensor Device" hereinafter), an OKI Group company that develops, manufactures and sells reed switches(*1). The procedures for the business transfer are expected to complete by March 31, 2017.

In 1964, OKI originally started manufacturing reed switches for switching equipment, and in 1996, OKI established OKI Sensor Device as a separate reed switch business company. Leveraging advanced and proprietary technologies for development and manufacturing, OKI Sensor Device has been developing high value-added products and enhancing sales to automotive and home electronics markets worldwide as well as having earned high reliability as a world leading company specializing in reed switch business. OKI has recently been reviewing its business portfolio as part of OKI's growth strategy to enhance its resources for focus areas.

Standex is a diversified manufacturing company based in the United States and listed on the New York Stock Exchange. The great strength of Standex's Electronics business unit lies in sensor solutions that incorporate reed switches. The combination of the advanced technological capabilities of OKI Sensor Device with the global footprint and value added engineering capabilities of Standex's Electronics business will result in the creation of a premier global provider of reed switch based sensors and related magnetic solutions.

Identifying promise and technological capability in Standex's reed switch business and an opportunity to ensure the continuity of the supply to existing customers and employment as well as reinforcing its business, OKI reached an agreement with Standex based on a match between the goals of both companies.

OKI accelerates its selection and concentration of its business in order to be a company that generates stable earnings. Moving forward, OKI will focus on developing new technology and enhancing its business for the market, including the "Internet of Things," which will position OKI well in a major future growth area.

Overview of OKI Sensor Device

Company Name
Oki Sensor Device Corporation
Representative
Yuki Ushida
Location
Kofu, Yamanashi Prefecture, Japan
Number of employees
100 (As of August 2016)
Established
October 1, 1996
Capital
200 million yen
Net sales
6.8 billion yen (FY ended March 2016)
Lines of business
Developing, manufacturing and sales of reed switches and its applied products
URL
http://www.osdc.co.jp/en/index.shtml

Overview of Standex

Company Name
Standex International Corporation
Representative
David Dunbar
Location
New Hampshire, USA
Number of employees
5,300 (As of June 2016)
Established
January 11, 1955
Capital
370 million USD
Net sales
751 million USD (FY ended June 2016)
Lines of business
A multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics (reed switches, reed relays, level sensors, proximity switches, magnetic components and transformers) and Hydraulics
URL
http://www.standex.com/

Glossary

  • *1 :

    A reed switch consists of a pair of ferrous metal reeds enclosed in a hermetically sealed glass envelope with an unreactive gas. North and south poles are formed on the reeds upon the application of a magnetic field.
    The reed switch operates through magnetic attraction, and the contacts of the reed switch leads to an energized state. When the magnetism is removed, the reeds return to their original configuration and are insulated due to the elasticity of the reeds.

About OKI Electric Industry (OKI)

Founded in 1881, OKI Electric Industry is Japan's leading telecommunications manufacturer in the Info-telecom field. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI's global website at http://www.oki.com/.

  • The names of the companies and products mentioned in this document are the trademarks or registered trademarks of the respective companies and organizations.
Press Contact:
Public Relations Division
Phone: +81-3-3501-3835
  • * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.

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