Canon Inc. to acquire Toshiba Medical Finance shares and make it a subsidiary(2017-02-21)

TOKYO, February 21, 2017—Canon Inc. (“Canon”; Headquarters: Tokyo, Japan; Chairman and CEO: Fujio Mitarai) announced today that it has concluded a share transfer agreement to acquire the shares of Toshiba Medical Finance Co., Ltd. (“TMF”; Headquarters: Tokyo, Japan; President and CEO: Shohei Seki) from Toshiba Corporation (“Toshiba”; Headquarters: Tokyo, Japan; President and CEO Satoshi Tsunakawa) and make TMF a subsidiary.

Under Phase V of its Excellent Global Corporation Plan, a five-year initiative launched in 2016, Canon aims to embrace the challenge of new growth through a grand strategic transformation. With regard to reinforcing and expanding new businesses in particular, which represents one of the important strategies to be carried out during this phase, Canon intends to cultivate its health care business within the safety and security sector as a next-generation pillar of growth.

As part of this initiative, Canon acquired the shares of Toshiba Medical Systems Corporation (“TMSC”) on December 19, 2016 and made TMSC a subsidiary. TMSC holds 35% of the shares of TMF, a company that is involved in the leasing of medical and other equipment. By acquiring the remaining 65% and making TMF a subsidiary, Canon plans to accelerate growth of its medical equipment business, building a collaborative organization from a TMSC and TMF marketing perspective.

As for the impact this will have on the company's performance, in cases where the company needs to revise its projection it will make prompt disclosure. The company will also make prompt disclosure when something that needs to be made public occurs.

Overview of Toshiba Medical Finance

1) Company name: Toshiba Medical Finance Co., Ltd.

2) Representative: Shohei Seki, President and CEO

3) Location: 14-10 Ningyo-cho 2-chome, Nihombashi, Chuo-ku, Tokyo

4) Date of establishment: September 1, 1970

5) Scope of business: Lease and credit sales of medical and other equipment

6) Operating Results for the fiscal year ending March 2016

Net sales: 15,259 million yen

Operating profit: 456 million yen

Net income: 287 million yen

Number of shares to be acquired, acquisition price

No. of shares before acquisition: 84,000 shares* (ratio of ownership voting rights: 35%)

No. of shares to be acquired: 156,000 shares

No. of shares after acquisition: 240,000 shares (ratio of ownership voting rights: 100%)

Acquisition price: 3.14 billion yen 

Useful Links

Drivers and Downloads
Canon Technology
Canon Video Square
Creative Park
Anti-Counterfeit
Beware of Double Standard
Register Products online
Register for eMaintenance (except for Pixma series)