Fujifilm Holdings Corporation (FUJIY - Free Report) recently announced the opening of a new subsidiary in the Republic of the Union of Myanmar, named Fujifilm Myanmar Limited. The subsidiary will commence operations on Dec 2, 2013.
The company established the subsidiary with a paid-in capital of ¥20 million. The step has been taken to tap the growth potential the region has to offer to companies like Fujifilm. The country is roughly double the land area of Japan, with a population of approximately 60 million. With the growth in labor force, the nation offers a wide scope for economic expansion.
Fujifilm’s presence in the region will help the company to increase sales of Imaging Products, including photographic papers, on which it been focusing since the 1970s. The subsidiary aims to aid the company to gain a foothold in the region with respect to its medical products, including diagnostic imaging systems and X-ray films in addition to graphic arts products like offset printing plate.
The company has been expanding in the ASEAN countries for quite some time now, with Fujifilm Myanmar being its seventh subsidiary in the region. Other subsidiaries are based in Vietnam, the Philippines, Indonesia, Singapore, Malaysia and Thailand.
Fujifilm has been successfully extending its operations worldwide. Recently, the company reported strong fiscal second-quarter 2014 results. Net income in the reported quarter grew roughly 90% year over year to ¥21.5 billion ($217.1 million). Revenues were recorded at ¥605.5 billion ($6,123.9 million), improving 11.5% year over year.
This Zacks Rank #1 (Strong Buy) company currently has a market capitalization of $13.2 billion. Some other stocks worth considering in the technology industry include Lam Research Corp. (LRCX - Free Report) , MKS Instruments, Inc. (MKSI - Free Report) and Mattson Technology Inc. . All of these stocks carry a Zacks Rank #2 (Buy).