Planar just informed its clients that it is merging with a Chinese manufacturer. Here is the letter they were sent (from Adam Schmidt, Planar vice president of sales):
Planar announced that we have entered into a definitive merger agreement with Leyard Optoelectronic Co. Ltd., pursuant to which a U.S. affiliate of Leyard will acquire all of the common stock of Planar. You can read more about the transaction and its potential implications here.
As a valued customer and partner of Planar, I wanted to provide you more information as we work through shareholder approvals and other specified closing conditions, anticipating completion of the transaction in the coming months:
- In our discussions with Leyard management, they were attracted to Planar’s strong selling and marketing organizations, customer relationships, history of innovation and overall organizational strength. The Planar executive team that has been guiding the company will remain in place, as Planar will continue to operate as a full service entity under the Leyard umbrella once the transaction closes. The Planar employees you rely on in service, marketing, sales operations, credit, and throughout the company are still here to support you.
- Until the time of the close, Planar and Leyard are two separate companies, with distinct product portfolios and strategies for sales and promotion. Planar does not have access to the Leyard product portfolio or vice versa at this time. Once the transaction is closed we will make decisions on the optimal way to bring the best value to you in terms of products, technology, service and support. As we make those decisions, we will announce them to you via our sales team, Channel Newsletter distributions, in industry publications, and at trade shows and events, as we always have.
- Together, we have delivered outstanding video solutions to thousands of customers. This transaction can add to our abilities to offer you ever-improving technology, products and service. As we contemplate the opportunities for the combined organization, one thing is clear: exciting times are ahead!