Filter giant Kenko Tokina has snapped up Wales-based filter maker Formatt-Hitech in a move designed to expand Hitech's production of Firecrest ND filters for cinema.
Formatt-Hitech, which is based in Aberdare, said it will continue to produce filters in the UK as an independent subsidiary of Kenko Tokina.
In a statement, Formatt-Hitech explained that its Firecrest filters have been on ‘backorder’ with most dealers throughout 2015.
‘The acquisition provides Formatt-Hitech with the financial stability to produce Firecrest in the volumes demanded by the market…
‘Kenko Tokina’s acquisition immediately rectifies the situation and it is expected that the backlog of Firecrest filters will be produced before the holiday season.’
Kenko Tokina has named Fuminari Izawa as CEO of the Formatt-Hitech division.
Formatt-Hitech’s outgoing CEO David Stamp, who will join Kenko Tokina in an executive advisory role, said: ‘We are very proud to have joined the Kenko Tokina family and to become part of the world’s leading filter group.
‘The undoubted manufacturing expertise and financial strength of Kenko Tokina will enable us to maximise the potential of our exciting Firecrest product line in both the photo and broadcast/cinema production markets.’
Kenko Tokina president Toru Yamanaka said: ‘I am thrilled to welcome Formatt-Hitech to the Kenko Tokina family of brands.
‘Formatt-Hitech’s technical knowledge in the development of advanced ND filters and their excellent reputation in both photo and cinema make them the perfect fit for our portfolio of world leading brands.’
Terms of the deal have not been announced.