TOKYO— Seiko Epson Corp. (6724: Tokyo) and Hoya Corp. (7741:Tokyo) announced that they have today agreed to begin negotiations about a transfer to Hoya of Epson's optical products business. The proposed transfer aims to promote global expansion of the business by combining the assets of the two parties, according to a joint statement issued by the companies.
Seiko and Hoya said that based on today's agreement, they are looking to conclude a contract at the earliest opportunity. The companies also said Hoya has come to an agreement with Seiko Holdings Corp. concerning an alliance about sales of eyewear products.