07 Jul 2009
Joint venture and laser applications centre will broaden Jenoptik's presence in Asian markets.
Jenoptik's Lasers & Material Processing division and the Korean company Telstar-Hommel have formed Jenoptik Korea Corporation, a joint venture that will service the Asian electronics, flat-panel and photovoltaics industries.
Headquartered in Pyeongtaek, 70 km south of Seoul, the company is intended to facilitate the entry of further Jenoptik Group divisions into the Asian market.
The two partners will invest a total of $4.4 million by the end of 2009, with Jenoptik holding a 66.6% shareholding. In addition, an application centre for the Laser & Material Processing division's Asian customers will be built and opened in early 2010.
"With the laser application centre in Korea, we have taken a further important step towards internationalization and now have direct access to the Asian market for our Lasers & Material Processing division," said Jenoptik CEO Michael Mertin. "In Telstar-Hommel we have chosen an experienced partner who has already been representing our Industrial Metrology division for years."
From the end of this year, Jenoptik's Lasers & Material Processing division will manage after-sales service for Asian customers from Korea, coordinated in close collaboration with other Jenoptik sites in Asia.
Jenoptik generated just under 8% of total sales (€550 m) in Asia during 2008, a rise of more than 15% over the previous year. "We still have great potential in this growth market, which we can now address more efficiently with our direct presence," said Mertin.