Tokina Co. takes over its New York affiliate
MEDFORD, N.Y. - After seven years of operating as an affiliate, CCTV lens maker Tokina Industrial here has officially become a subsidiary of Japan-based Tokina Co.
The change took place in November, when Tokina Co. bought out affiliate owners Carl Cangialosi and Glenn Wolk. Cangialosi continues to work for the company, while Wolk left to begin a manufacturerÃ¢â‚¬â„¢s rep agency.
The change in ownership provides Tokina Industrial with the financial resources to expand its CCTV lens business, said Cangialosi, president of North American operations of Tokina Industrial. Ã¢â‚¬Å“The Japan office wanted to expand into the U.S. security market and there were credit limitations that we had here,Ã¢â‚¬Â he said.
Cangialosi declined to release how much Tokina Co. paid to buy the affiliate, but said the parent company plans to expand operations. He said the office will be staffed with engineers available for design consultation and to work on major projects. He also expects employees from Japan will join the company in the United States and work here on three-year cycles.
Within a year, Cangialosi said plans call for Tokina Industrial to relocate its office within New Jersey.