Dutch company Oce N.V. has been fully acquired by Canon, the digital behemoth has announced.
Canon - a brand that is known world-over for its wide-format printing and photography product line - has confirmed that it now wholly owns Oce, which was formerly a consolidated subsidiary, with the acquisition process satisfactorily concluded as per Dutch law, largeformatreview.com reports.
The aim of the buy-out, unsurprisingly, is to create the leading presence in the printing industry through the maximising of both companies' 'synergies'. Canon and Oce's partnership thus far has lead to the development of new products and a strengthening of both service and marketing capabilities.
The deal will see Oce, which operates in China, merge with Canon China to become a new business unit called the Professional Printing Product Group. Announced originally back on November 2009, according to therecylcer.com, both companies have been busy making arrangements in terms of organisational integration.
It is predicted that the new business unit will increase Canon's share of the Chinese printing market three-fold.
Commenting on the event, Hideki Ozawa, Canon China CEO and president, said the merger was "the best example of two multinationals bringing their strengths together, namely the leadership position of Oce in production printing and the strong brand of Canon."