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News Article

Synova joins with Sugino Machine to serve Japanese micromachining market

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Synova announced that it has signed a letter of intent (LOI) to develop a joint venture (JV) with Sugino Machine Ltd. in Japan to bolster its presence and market share in the highly competitive Japanese micromachining equipment market.

The LOI outlines a 50/50 partnership between the two companies to form Sugino-Synova Ltd., and reflects Synova's global expansion plans. The JV will complement Synova's recent establishment of micromachining centres (MMCs) throughout the U.S., which aim to better serve the company's current and prospective customers by efficiently and effectively providing localized application development and customer support.

Sugino-Synova Ltd. will provide manufacturing, development, sales and support services to Japanese customers. The JV will be located in Toyama, Japan in an industrial facility provided by Sugino, and is set to begin operations in January 2007 after closing on the agreement, which is slated for the end of this year. This announcement follows on the heels of MMC openings in the U.S.-Silicon Valley and Boston-that are set to open in January 2007.

"We are excited to partner with a company of Sugino's caliber and expertise. We are committed to the micromachining market, and more importantly, serving our customers in each region. The Japanese market is one of the most competitive in the world, and Sugino has the technology know-how, experience and customer base that will help us increase both visibility and market share of our Laser MicroJet technology," said Synova Chief Financial Officer Quoc Phong Dang. "This joint venture will eliminate the need for Synova to establish a standalone MMC. The benefits to this are two-fold: first, to our customers as Sugino has the technical personnel-base to effectively address their needs; and second, for our company as this is a more cost-effective method for us to penetrate a region that's home to some of the world's largest micromachining manufacturers."

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