Photronics Announces Closing of China Joint Venture Agreement with Dai Nippon Printing
January 05, 2018 at 08:00 am EST
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Photronics, Inc. announced the successful closing of the previously announced joint venture agreement with Dai Nippon Printing Co., Ltd. focused on serving semiconductor manufacturers in China. A subsidiary of DNP acquired 49.99% of Photronics' wholly foreign owned entity in Xiamen, China, with Photronics maintaining an ownership of 50.01%. The joint venture's results will be included in the consolidated financial statements of Photronics.
The joint venture, called Photronics DNP Mask Corporation Xiamen (PDMCX), was effective at 12:00 a.m., China time, January 5, 2018.
Dai Nippon Printing Co. specializes in printing services. Net sales break down by activity as follows:
- printing of cards, books and business documents (54.1%): microchips, plastic cards, books, magazines, catalogs, administrative forms, brochures, indices, etc.;
- printing of flexible packages and decorative coatings (28.2%): bags, bottles, cardboard boxes, paint papers, wood and metal engraved plates, etc. The group also produces and sells optic films, ink ribbons, etc.;
- manufacturing of electronic components (13.7%): semiconductors components, photolithography masks, projection screens, protection filters for screens, color printers components, etc.;
- production of beverages (4%).
Net sales are distributed geographically as follows: Japan (83%), Asia (10.6%) and other (5.4%).
DAI NIPPON PRINTING CO., LTD. 
