Konica Minolta Business Technologies, Inc. (Konica Minolta) announced that it has signed an agreement to acquire FedEx Kinko's Korea Ltd. (FKK), the largest copy and print service provider in Korea.
Background and aim of acquisition
One of the primary growth strategies in the Konica Minolta Group's Medium Term Business Plan "G PLAN 2013" is to reinforce the production print business. While delivering customer-focused services for commercial printing and central reproduction department (CRD), Konica Minolta aims to strengthen its business for document-related services especially in the Asian region. In Asia, Konica Minolta has been known for achieving high customer satisfaction with its strong brand recognition and high market share in units in the Business Technologies Business. Amid this circumstance, Konica Minolta decided to accelerate the production print business in Korea where it is projected to have a steady growth. This will help provide and develop Konica Minolta's own document-related services for the enterprise as well as expansion of sales channels for the digital printing system.
FKK is a leading copy and print service provider with the largest scale and strong brand recognition in Korea. Serving many large Korean enterprises with customers centered in Seoul, FKK provides document services that respond to customer needs such as the Print on Demand (POD) and one-stop printing with post processing.
Through this acquisition of FKK, Konica Minolta aims to provide its various printing services speedily and widely and gain enhanced presence in the Business Technologies Business including the production print segment.
Method of acquisition
Konica Minolta concluded the sales agreement with U.S.-based FedEx Kinko's International, Inc. on December 27, 2012, to acquire 100% stake of FKK. A report on the business combination (share acquisition) has already been filed with the Korea Fair Trade Commission, after whose approval the transaction is expected to close (estimated closure date: January 31, 2013).
Following completion of the acquisition, FKK's company name will become Kinko's Korea Ltd. and its service stores and online services will continue to run under the "Kinko's" brand.
Going forward, Konica Minolta will strive to deliver innovative solutions and services that fulfill diverse needs of the customers, under the Communication Message "Giving Shape to Ideas," and further increase corporate value of the entire Group.