Omron announced on August 1 that it has finalized its acquisition of Pioneer Precision Machinery Corporation, a Pioneer subsidiary, to form a new backlight company, Omron Precision, which will have an initial capital of about 448 million Yen (US$3.90 million; US$1 = 115 Yen). The new company will be located in Tsurugashima, Saitama Prefecture, with production sites in Japan, Hong Kong and China. Omron stated that this new firm will manufacture backlights for small LCDs.