News Release

Notice regarding purchase of ownership interest and acquisition of Quality Electrodynamics, LLC as a consolidated subsidiary

TOKYO, November 1, 2019—Canon Inc. ("Canon"; Headquarters: Tokyo, Japan; Chairman and CEO: Fujio Mitarai) announced today that the company has concluded an agreement to acquire 70% ownership interest of Quality Electrodynamics, LLC ("QED"; Headquarters: Ohio, U.S.A.; President and CEO Dr. Hiroyuki Fujita), which shall become a consolidated subsidiary.

Under Phase V of its Excellent Global Corporation Plan, a five-year initiative launched in 2016, Canon aims to embrace the challenge of new growth through a grand strategic transformation that entails reinforcing existing businesses as well as strengthening and expanding new businesses. As part of this, Canon has designated its medical business as a new business that will expand and drive future growth.

QED is a leading diagnostic imaging company in the development of RF coils, an essential device in magnetic resonance imaging (MRI) equipment. They provide, and will continue to provide these devices to leading original equipment manufacturers and researchers around the world. Dr. Hiroyuki Fujita is a renowned industrialist who has earned such honors as, in 2012, becoming the first Japanese to receive an invitation to the President's State of the Union address. QED is a recipient of the U.S. President's Exporting Award in 2013 and 2019. Dr. Fujita is the inaugural Honorary Consul of Japan in Cleveland.

By welcoming QED into the Canon Group, Canon strengthens its medical equipment component business. Combining the management and technological resources of Canon and QED will empower both companies to increase their market competitiveness, accelerate the development of MRI systems and reinforce and expand Canon's medical business.

Overview of QED

Key Dates

Acquisition of membership interest: October 31, 2019

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