SANTA CLARA, Calif., June 29, 2011 /PRNewswire/ -- OmniVision Technologies, Inc. (NASDAQ: OVTI), a leading developer of advanced digital imaging solutions, today announced that it has entered into an agreement with VisEra Technologies Company, Ltd., or VisEra, OmniVision's joint venture with Taiwan Semiconductor Manufacturing Company Limited, or TSMC, to acquire from VisEra its wafer-level lens production operations. OmniVision currently outsources the wafer-level lens production and assembly processes associated with its CameraCube technology to VisEra. The cash consideration for the operations is $45 million. OmniVision anticipates that the parties will close the transaction in the second quarter of its fiscal year 2012.
"We believe that our CameraCube technology represents one area where we can extend our market leadership while increasing the content that we sell into each consumer device," said Shaw Hong, chief executive officer of OmniVision Technologies, Inc. "Historically, sensor and lens manufacturing have been separate endeavors in which the components come together at the modular assembly stage. Our CameraCube technology enables us to design our sensors and accompanying lens elements as an integrated unit that creates a reflowable, monolithic image sensor device. This transaction will enable us to further streamline the production process, consolidate the supply chain, expand production capacity, and reduce the cost to meet customers' growing demand for our CameraCube products."
OmniVision Technologies (NASDAQ: OVTI) is a leading developer of advanced digital imaging solutions. Its award-winning CMOS imaging technology enables superior image quality in many of today's consumer and commercial applications, including mobile phones, notebooks, tablets, webcams, digital still and video cameras, security and surveillance, entertainment devices, automotive and medical imaging systems. Find out more at http://www.ovt.com.
Certain statements in this press release, including statements relating to our ability to extend our market leadership, further streamline the production process, consolidate the supply chain, expand capacity, and reduce the cost are forward-looking statements. These forward-looking statements are based on management's current expectations, and certain factors could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the Company's ability to integrate the purchased assets and ramp up internal production and assembly of the CameraCube technology in a timely and cost-effective manner; the impact of general economic conditions; the Company's ability to accurately forecast customer demand for its products; fluctuations of wafer manufacturing yields, manufacturing capacity and other manufacturing processes; the continued growth and development of current markets and the emergence of new markets in which the Company sells, or may sell, its products; the market acceptance of products into which the Company's products are designed; the development, production, introduction and marketing of new products and technology; the acceptance of the Company's products in such current and new markets; the Company's strategic investments and relationships, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings and reports, including, but not limited to, the Company's most recent Annual Report on Form 10-K and recent Quarterly Reports on Form 10-Q. The Company expressly disclaims any obligation to update information contained in any forward-looking statement.
OmniVision® and the OmniVision logo are registered trademarks of OmniVision Technologies, Inc. CameraCube is a trademark of OmniVision Technologies, Inc. All other trademarks are the property of their respective owners.
SOURCE OmniVision Technologies, Inc.