Mayfield Village-based Quality Electrodynamics LLC is selling 70% of its ownership interest to Tokyo-based Canon Inc. QED will become a consolidated subsidiary of Canon, but will retain its name, independent identity and location in Mayfield Village.
QED is a diagnostic imaging company in the development of RF coils, an essential device in magnetic resonance imaging equipment. QED focuses on providing innovative products to leading original equipment manufacturers and researchers around the world and is a 2019 recipient of the U.S. President’s Exporting Award.
Canon, under Phase V of its Excellent Global Corporation Plan, aims to embrace the challenge of new growth through a grand strategic transformation. This plan 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. The acquisition of QED is intended to further this strategy.
QED CEO Dr. Hiroyuki Fujita will retain his position and continue to hold a minority ownership interest in the entity. He will also serve as CTO for Canon Medical Systems’ MRI division.
“QED has grown significantly over the years because of our technical expertise, ability to understand and deliver on customer needs swiftly, and the immense commitment of our QED team to innovation,” Fujita said in a statement. “Now that we can access Canon’s state of the art imaging and electronics technology, it will provide a new platform for QED to keep innovating, which is our lifeline.”
QED board member Albert B. Ratner added: “This new relationship is a tremendous opportunity for QED and its 175 associates to continue to add new customers and products and will further drive QED’s growth and employment levels in northeast Ohio. The significant support we have received over the years from Mayfield Village, Jobs Ohio, the State of Ohio and Cuyahoga County has been key to our success.”
QED’s inclusion in the Canon Group is expected to strengthen and accelerate its ability to explore and innovate new medical devices and MRI technologies in pursuit of enhanced patient care and comfort. Canon Inc. Chairman & CEO Fujio Mitarai, and Canon Medical Systems Corp. President and CEO Toshio Takiguchi have pledged their full commitment for QED to remain and grow in Northeast Ohio.