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In a move we see as aiding the development of the projection
supply chain, Polatechno Co. (Tokyo, Japan) (PLC) (www.polatechno.co.jp)
will acquire Moxtek Inc. (Orem, UT) (www.moxtek.com)
by the end of January, if approved by Moxtek shareholders. Polatechno
is a subsidiary of Nippon Kayaku Co. and makes polymer-based polarizers
for LCDs, including projection systems. Moxtek is the sole developer
of a wire-grid polarizer (WGP) technology for polarization control
and beamsplitters.
The WGP offers high performance and high-temperature operation
for polarization control and for beamsplitters - a feature that
is important in projection systems. It is gaining wide acceptance
as a pre-polarizer in LCD projection systems, especially systems
that output over about 2000 lumens. And, it is gaining design
wins in LCOS-based RPTVs, where the beamsplitter components can
produce a high-performance optical core.
The two companies have worked together for a while, with Polatechno
acting as a production and distribution partner for the WGP components
in Japan and China. The two companies will now merge to form a
new wholly owned subsidiary that will retain the Moxtek name,
as well as company personnel and facilities in Orem, Utah. The
value of the deal was not disclosed.
Moxtek also makes components for industrial X-ray analysis equipment
parts. "We are excited about the significant technology which
Moxtek has in the analytical instrumentation field," said
Sanji Arisawa, chairman of PLC. "We are very impressed with
their new products in handheld instrumentation and the environmental
market, as well as the traditional measurement markets served
by Moxtek's foundation products. We think that the combination
of these two leading-edge technologies positions PLC to be a world
leader in the analytical instrumentation field," concluded
Dr. Arisawa.
Moxtek was founded in 1986 and has had only one investor (in 1993).
For four of the past five years, Moxtek has achieved double-digit
growth while maintaining profitability. Over the last year, it
reported about $9.4M in sales and has about 60 employees.
Polatechno was established in July 1991 as a joint venture between
Nippon Kayaku Co., Ltd and Arisawa Manufacturing Co., Ltd. PLC
has developed specialized polarizers for LCD projector applications
optimized for R, G and B channels, respectively. Front and rear
LCD projectors require retarders as well as polarizers in order
to increase contrast and compensate for optical drawbacks. PLC
has more than 70% market segment share in this application.
PLC represents ColorLink Japan in distributing its products in
Asia. ColorLink Japan is a joint venture between ColorLink (Boulder,
Colorado) and Arisawa Manufacturing. The ColorLink color management
system is expected to play a significant role in the LCOS display
area.
Arisawa makes Fresnel screens for CRT-RPTVs and has about a 50%
global market share. It has nearly a 100% market share for the
A/R coating used on acrylic RPTV screens.
The acquisition of Moxtek will expand PLC's leadership in polarization
components used in business presentation and home entertainment
systems, as well as in Moxtek's industrial market segment. As
a result, Polatechno hopes to boost polarizer sales to Y15B in
fiscal 2007, up from a projected Y10B in fiscal 2003.
With the new corporate structure, Moxtek will have access to the
capital it needs to expand capacity to meet growing demand. Currently
it is using about one-third of its established capacity, which
netted about $3.4M in polarizer component sales in 2003. Most
Japanese LCD projector companies are sampling or using these components
in projectors already, with LCOS applications starting to heat
up. After 2004, Moxtek expects it will need to add more capacity.
Over the next few months, Moxtek and PLC will be planning this
capacity expansion. This will involve the purchase of etchers,
coaters and patterning equipment. The new equipment will likely
be chosen to handle 8-inch wafers instead of the 6-inch wafers
used in the current foundry. The cost of this expansion to double
capacity is in the $5 to $10M range. Moxtek president and CEO
Glen Stewart says this manufacturing can be done in the US, and
done profitably.
Moxtek, Glenn Stewart, 801-225-0930, gstewart@moxtek.com
Polatechno, Dr. Sanji Arisawa, [81] 025-524-5124, sarisawa@arisawa.co.jp
Contact:
Insight Media
Annmarie Gabisch, 203-831-8464
annmarie@insightmedia.info
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