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Acquisition of MAXRAY shares (subsidiary acquisition) by USHIO LIGHTING

We are pleased to announce that on March 20, 2015, USHIO LIGHTING, INC. (Headquarters: Tokyo, COO / Managing Director: 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.

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