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09-02-2008, 05:07 AM   #1
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Hoya've Decided to Liquidate 3 Pentax Subsidiaries within a Month!

Detailed news releases/announcements:-

http://www.hoya.co.jp/english/news/latest/20080901.pdf

http://www.hoya.co.jp/english/news/latest/20080825.pdf

http://www.hoya.co.jp/english/news/latest/d0h4dj0000000r11-att/copy_of_0807.pdf

Which all are found in the official page of the Hoya website for news and announcements:-

HOYA CORPORATION|News Release

Well, what do you folks think and feel? I feel very sad myself.. I just wonder who will be the next one to be executed?

Whilst for other camera companies are rolling out exciting news one by one on new really interesting products before the Photokina, we Pentaxians are just hearing repeatedly on how the mother company Hoya to kill the old Pentax branches and units one by one, decisively and quickly, which just upset me even more!

I think the production capability of Pentax have been already rather weak and limited for years. So, if Hoya are going to close down more Pentax factories, then!? Will they expand the Vietnam and Philippines factories? But why put all the eggs in a single basket? Just see how Thailand is now in great trouble and I just wonder if Nikon will be in great troubles too.. But still, Nikon has true top end products made in Japan (but now that Hoya told us that even the Pentax factories and production lines in Japan will be removed, according to their last financial report published for the Q1 of 2008).

09-02-2008, 05:28 AM   #2
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I feel Nothing. To reorganize is not bad idea. I don't care if any small factories in China are closed.
Have a look at number of employees.
09-02-2008, 05:39 AM   #3
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Nothing to worry about here: such things are to be expected after a takeover...
09-02-2008, 05:49 AM   #4
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As far as I'm aware, Pentax only made their compacts in China, not SLRs. No biggie!

09-02-2008, 05:58 AM   #5
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Small Factories?

QuoteOriginally posted by ogl Quote
I feel Nothing. To reorganize is not bad idea. I don't care if any small factories in China are closed.
Have a look at number of employees.
Small factories? The two factories to be closed at Shanghai and Guangzhou add up to a total asset of value 107,845,000 RMB, which is equal to 15,953,402 US Dollars!

Yes, US$15M!
09-02-2008, 06:01 AM   #6
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RH, the press releases you link relate to 2 Pentax subsidiaries in China making compact cameras and a carryover of the crappy previous Pentax management.

The last press release has nothing to do with Pentax.

Total assets of US$15 million is small change for such a large corporation.

Restructuring and closing down unproductive operating units is very normal in the corporate world. Get over it. In fact I commend Hoya on having the courage to do this.
09-02-2008, 06:04 AM   #7
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QuoteOriginally posted by creampuff Quote
RH, the press releases you link relate to 2 Pentax subsidiaries in China making compact cameras and a carryover when Pentax was under the crappy previous management.

The last press release has nothing to do with Pentax.

Restructuring and closing down unproductive operating units is very normal in the corporate world. Get over it. In fact I commend Hoya on having the courage to do this.
How about the Pentax Scandinavia then? According to my old Pentax friend Roland Mabo, this branch have been providing excellent services to him and other users in Sweden for so many years.
09-02-2008, 06:12 AM   #8
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""The dissolution of the subsidiary has minimal impacts on consolidated performance""

In other words service and performance are separate in Hoya's mind and if it's not making cash it gets axed.

As for PSV

"PENTAX SCANDINAVIA AB (PSV) was a 100% owned subsidiary of PENTAX
Corporation, and has engaged in sales of optical equipments in North Europe.
However, in order to improve the business efficiency, PSV was reorganized as a branch of
PENTAX EUROPE GMBH.:"

This is old news it was planned and announced since 2007, the closure is only now taking effect.

In short nothing really new here RH.

09-02-2008, 06:16 AM   #9
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I think Chicken Little needs to take a chill pill.
09-02-2008, 06:18 AM   #10
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Hoya's total assets as reported in their 2008 annual report as of March 31, 2008 was $6,318,257,198 (pg. 13 of the report linked below). Converted to US dollars from Japanese Yen.

Using your number of $15,953,402, which looks correct to me, this liquidation accounted for .25% of their assets.

So, yes, small factories when you consider the company as a whole.

http://www.hoya.co.jp/english/investor/d0h4dj0000000dbq-att/financial_data.pdf

I think I did that right, it's been a while. Someone correct me if it's wrong.

Slick
09-02-2008, 06:20 AM   #11
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QuoteOriginally posted by RiceHigh Quote
How about the Pentax Scandinavia then? According to my old Pentax friend Roland Mabo, this branch have been providing excellent services to him and other users in Sweden for so many years.
I live within walking distance from the Pentax Scandinavia office, and while their services indeed have been excellent it must also be noted that the whole office consisted of four (4) employees. All reparations and services were outsourced; digital to Zeigler -- whom as I understand it will continue to service the digital line -- and analog to Pentax Germany.
While it is regrettable that P.Sc. is dismanteled, and with it many years of experience, it is in the whole picture actually not a big deal.
But I will miss them.

-- MW
09-02-2008, 06:23 AM   #12
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just more misinformation and simple BS from RH, nothing new.
09-02-2008, 07:01 AM   #13
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QuoteOriginally posted by Magnus W Quote
While it is regrettable that P.Sc. is dismanteled, and with it many years of experience, it is in the whole picture actually not a big deal.
But I will miss them.

-- MW
Why will you miss them ? How do you know they going to close the office ?

The note from Hoya simply says the company is being disolved, and the office will become a branch of Pentax Europe.
09-02-2008, 07:01 AM   #14
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QuoteOriginally posted by Slick Quote
Hoya's total assets as reported in their 2008 annual report as of March 31, 2008 was $6,318,257,198 (pg. 13 of the report linked below). Converted to US dollars from Japanese Yen.

Using your number of $15,953,402, which looks correct to me, this liquidation accounted for .25% of their assets.

So, yes, small factories when you consider the company as a whole.

http://www.hoya.co.jp/english/investor/d0h4dj0000000dbq-att/financial_data.pdf

I think I did that right, it's been a while. Someone correct me if it's wrong.

Slick
The report tells:

Hoya's total asset value as at March 31,2008: 689,444 Millions Yen (a 54% increase including the Pentax asset after the merger), or, US$6,267,672,727 (assuming exchange rate of around 110 yens for 1 US dollar)

Pentax's total asset value as at March 31,2008: 204,853 Millions Yen, or, US$1,862,300,000.

So, the closed factory is of total assets value of US$15,953,402, the base should be on the Pentax's part, not for the whole Hoya, I think, that is, 0.86%.

Anyway, I am quite surprised on the percentage of Pentax assets to the Hoya before the merger, which I guessed the Hoya is much bigger (but actually it was not).
09-02-2008, 07:09 AM   #15
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Ok ...so still less than 1% of the assets !!
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