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TOKYO, July 3, 2006 -- Casio Computer Co. Ltd, Japan, today announced the establishment of Casio Scandinavia AS, a wholly owned subsidiary, which begins operation on July 3rd, 2006. Casio Scandinavia AS is headquartered in Nyborg, Bergen, Norway, with a Swedish branch office, and is responsible for sales and marketing of digital cameras in Norway and Sweden, as well as office and school equipment in Norway. Hiroyuki Noka and Eivind Hovden have been appointed as Managing Directors of the new subsidiary.
The headquarters of Casio's European operations, Casio Europe GmbH, will retain responsibility for the other product sectors; Watches, Electronic Music Instruments, Professional Visual Products (Data Projectors) and Mobile Industrial Solutions (Mobile Data Collection). Casio Europe will continue to work in cooperation with the existing Norwegian and Swedish distributors.
Casio Scandinavia AS, with a total of 11 employees in Norway and Sweden and equity capital of 13.5 million Norwegian crowns, will benefit from its geographic proximity to the European headquarters in Norderstedt, northern Germany. "Casio Scandinavia AS can count on the existing and well-functioning infrastructure of Casio Europe GmbH", said Hiroshi Nakamura, Managing Director of the European Headquarters, which is responsible for the uniform European brand image as well as the pan-European sales and marketing strategy in the Group's different trading areas. "We have taken a major step with the foundation of a Scandinavian subsidiary for Norway and Sweden. The resulting synergies will be used to achieve greater efficiency within the European organisation, and to significantly increase our market share in the corresponding product areas of these markets", Nakamura added.
Hiroyuki Noka and Eivind Hovden, Managing Directors of the newly founded Casio Scandinavia AS, are already expecting a clear substantial increase in turnover for fiscal year ending March 2007 in the product ranges for which they are responsible.
"Both Norway and Sweden offer outstanding economic conditions, and thus also great growth potential for Casio", said Hiroyuki Noka, who was employed by Casio Europe GmbH as a manager from 2004 to 2006 and will now work for Casio Scandinavia AS. Eivind Hovden added: "As a long-standing Casio Distributor, I am completely familiar with the social and economic requirements of both countries. This experience will be extremely valuable in developing the new company and achieving our objectives in a market characterised by tough competition."
About CASIO COMPUTER CO., LTD.
CASIO COMPUTER CO., LTD. is one of the world's leading manufacturers of consumer electronics products and business equipment solutions. Since its establishment in 1957, CASIO has strived to realize its corporate creed of "creativity and contribution" through the introduction of innovative and imaginative products. Today, CASIO's offerings include timepieces, digital cameras, cellular phones, electronic dictionaries, calculators, musical instruments, system equipment, and electronic components such as LCDs. The CASIO Group employs more than 10,000 people worldwide, shipping over 100 million products per year, with net sales of 580 billion yen (approx US$4,959 million) in the fiscal year ended March 2006.
News and product information from CASIO is available at http://world.casio.com/
CASIO Scandinavia AS
Liavegen 1
N-5132 Nyborg / Bergen
Phone: +47 55197990
Fax: +47 55197991
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