Nitto Acquires Bend Labs, Inc. in the United States

Rhea-AI Summary

Nitto Denko Corporation has announced its acquisition of Bend Labs, Inc., effective June 1, 2022, with Bend merging into Nitto as Nitto Bend Technologies. This strategic acquisition aims to leverage Bend's advanced sensor technology to enhance Nitto's three focus domains: Information Interface, Next-generation Mobility, and Human Life. The flexible sensors developed by Bend offer high accuracy and durability, making them suitable for applications in automotive automation and digital healthcare. Nitto expects this acquisition to spur innovation and create new businesses utilizing sensor data.

Positive

• Acquisition of Bend Labs enhances Nitto's sensor technology capabilities.
• Nitto aims to integrate Bend's flexible sensors into key markets such as automotive and healthcare.
• Potential for new business creation by leveraging sensor-acquired data.

Negative

• The acquisition's impact on Nitto's consolidated earnings for FY2022 is expected to be insignificant.

OSAKA, Japan--(BUSINESS WIRE)-- Nitto Denko Corporation (headquarter: Osaka, Japan, President: Hideo Takasaki, hereafter Nitto) (TOKYO:6988) and Bend Labs, Inc. (US, Co-CEO: Jared Jonas, Colton Ottley, hereafter "Bend") have agreed on Nitto’s acquisition of Bend. Bend merges into the Nitto Group on June 1, 2022 and starts its business as Nitto Bend Technologies. Hereafter, they will combine Bend’s sensor device technologies with Nitto's strengths to develop next-generation technologies and products, and to develop new businesses which utilize sensor-acquired data.

Nitto develops new products and services by strategically devoting resources to Nitto’s three focus domains: Information Interface, Next-generation Mobility, and Human Life. The acquisition of Bend will also accelerate innovation in these domains.

The flexible sensor developed by Bend simultaneously measures "bend", "stretch" and "force" at high accuracy, in addition to having excellent flexibility and durability. The flexible sensor is expected to meet the evolving technical demands in various fields, including automation in the automotive field and remote monitoring in the digital healthcare field. Through this acquisition, Nitto aims to create new businesses by combining Nitto's global foundation and core technologies, such as adhesive technology and flexible printed circuit technology, with Bend’s sensor device technology.

Besides expected applications in the ever-changing automotive and healthcare fields, Nitto also anticipates these technologies to be utilized in fields such as sports and robotics. Furthermore, Nitto considers building a platform to accumulate sensor-acquired data and deploying services utilizing the acquired data.

Overview of the acquired company:

Former Company Name	Bend Labs, Inc.
New Company Name	Nitto Bend Technologies, Inc.
Location	Farmington, Utah, United States
Year of Establishment	2013
Representatives	Jared Jonas, Colton Ottley
Number of Employees	9
Sales (in FY2021)	5.9M US$

The impact of this acquisition on Nitto's consolidated earnings forecast for FY2022 is insignificant. In case significant effect is recognized, Nitto will report it thereafter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005523/en/

[For any inquiries about this press release]

Aki Kuwabara

Brand Strategy Department, Nitto Denko Corporation

Tel: +81-6-7632-2101/FAX: +81-6-7632-2568

Source: Nitto Denko Corporation

FAQ

What is the significance of Nitto's acquisition of Bend Labs?

The acquisition enhances Nitto's sensor technology capabilities and aims to drive innovation in its key business domains.

When did Nitto acquire Bend Labs?

Nitto's acquisition of Bend Labs became effective on June 1, 2022.

What will Bend Labs be renamed after the acquisition?

Bend Labs will be renamed Nitto Bend Technologies following the acquisition.

How will the acquisition impact Nitto's financial performance?

The acquisition is expected to have an insignificant impact on Nitto's consolidated earnings forecast for FY2022.

What technologies will Nitto develop with Bend's acquisition?

Nitto plans to develop next-generation technologies and products by combining Bend's sensor technologies with its own.