Hoya agrees Seiko transfer

Hoya has reached an agreement on the transfer of Seiko Epson's ophthalmic lens development and manufacturing to Hoya, which is planned for February 1 2013.

The company has also agreed to the partial ownership of Seiko Optical Products (SOP), with a 30 per cent share set for February 1 2013, and an additional 20 per cent on March 31 2014. This, it said, would create a strategic alliance in marketing and distribution to promote eyewear and related products globally.

Hoya added that with Epson, Seiko and Hoya's expertise and knowledge in the development, manufacturing and sales of spectacles and related products, it would commit to improve consumer and customer satisfaction throughout the world with an enlarged range of products and services.