Japanese optoelectronics maker Techno Horizon to acquire Singapore-based AV dealer
SINGAPORE, NNA – Japanese optoelectronics maker Techno Horizon Holdings Co. will take over Singaporean audiovisual system dealer Esco Pte. Ltd. for about 1.3 billion yen ($12 million) to accelerate its business in Southeast Asia.
Techno Horizon said Friday that Elmo Co., its optoelectronics device manufacturing and sales subsidiary, will acquire all Esco shares for scheduled transfer in early July.
The Japanese group will buy the Singaporean company in a bid to strengthen its sales in Southeast Asia, spokesman Yasuhiro Kato said. It hopes to take advantage of Esco’s broad network in the region, Kato said.
“We’ve been selling our optoelectronics products mainly in North America and Europe so far, while our sales structure in Southeast Asia has been a bit insufficient,” he told NNA in a telephone interview.
Esco, founded in 1989, posted a net profit of about SG$ 2.18 million ($1.56 million) in the business year ending in March 2019, 7.8 times the figure of the previous year, on sales of SG$28.9 million, 30.3 percent more than the previous cycle.
The Singaporean firm has branches in the Philippines, Hong Kong and South Korea, subsidiaries in Malaysia and China and affiliates in Thailand and Singapore.
Techno Horizon Holdings, based in Nagoya, manufactures mainly optoelectronics products such as surveillance cameras and projector units. It has affiliates in China, Thailand, the Middle East, Europe and North America.