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Canon Inc. Completes Acquisition of BC's Redlen Technologies as a Wholly Owned Subsidiary
Tuesday, October 12, 2021Company Profile | Follow Company
Saanichton, BC, October 12, 2021--(T-Net)--Canon Inc. announced that on September 7, 2021, it reached an agreement with Redlen Technologies Inc. to make Redlen a wholly owned subsidiary.
The share transfer was completed on September 28, 2021, thus formally establishing Redlen as a wholly owned subsidiary of Canon Inc.
Terms of the acquisition were not released but have been reported by a number of online sources to be in the neighbourhood of ¥30 billion or US $270 million ($341 million CDN).
Canon reportedly held a 15% stake in Redlen prior to the acquisition and recently invested in Redlen's Series-C financing. Redlen has been previously financed by Pangaea Ventures, THG Ventures, In-Q-Tel, BC Advantage Funds, Yaletown Partners, Redlen Holdings (VCC) Inc., Pender Growth Fund Inc., and other investors.
With the acquisition of Redlen, Canon will obtain advanced radiation detection and imaging technology used in CZT semiconductor detector modules, which play an important role in the development of Photon Counting CT (PCCT).
This will enable Canon Medical Systems Corporation, also a subsidiary of Canon, to accelerate the development of competitive PCCT systems to strengthen the medical systems business.
In addition, Canon will provide CZT semiconductor detector modules to medical equipment manufacturers around the world, thus helping strengthen Canon's medical component business. In this way, Canon will continue to contribute to the advancement of global diagnostic imaging.
About Redlen Technologies
Redlen Technologies is a leading developer and manufacturer of high-resolution Cadmium-Zinc-Telluride (CZT) semiconductor radiation detector products. CZT is a unique semiconductor compared with competitor detector materials, in that CZT operates at room temperature and can process extremely high photon counts. Additionally, CZT's spectroscopic resolution clearly out performs any commercially available Scintillator. Redlen is focused on supporting all X-Ray and Gamma radiation sensing and imaging technologies, but has a strong focus on the following applications: Security, Medical Imaging, Non-Destructive Testing, and Food Quality Control.
About Canon
Canon Inc., headquartered in Tokyo, Japan, is a leader in the fields of professional and consumer imaging equipment, industrial equipment and information systems.
Canon's extensive range of products includes production printers, multifunction office systems, inkjet and laser printers, cameras, video and cinematography equipment, network cameras, medical systems and semiconductor-manufacturing equipment.
Originally established in 1937 as Precision Optical Industry, Co., Ltd., a camera manufacturer, Canon has successfully diversified and globalized to become a worldwide industry leader in professional and consumer imaging systems and solutions.
With approximately 195,000 employees worldwide, the Canon Group includes manufacturing and marketing subsidiaries in Japan, the Americas, Europe, Asia and Oceania; and a global R&D network with companies based in the United States, Europe, Asia and Australia. Canon's consolidated net sales for fiscal 2018 (ended December 31, 2018) totaled $36.6 billion (at an exchange rate of \111=US$1).
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