Asian Tech Press (SEP 09) -- Japanese optical products manufacturer Canon is set to acquire Canadian chipmaker Redlen Technologies inc for about $270 million. The acquisition is expected to be completed this fall, according to media reports.

Canon announced that it had reached an agreement with Redlen Technologies. Through this acquisition, Canon will gain access to the advanced technology used in CZT semiconductor detector modules.

Founded in 1937, Canon's business is centered on optical technology and covers a wide range of areas, including imaging system products, office products and industrial equipment.

Founded in 1999, Redlen Technologies inc is a leading developer and manufacturer of high-resolution Cadmium-Zinc-Telluride (CZT) semiconductor radiation detector products. Canon is holding a 15% stake in Redlen. It appears to have reached an agreement with other shareholders to acquire the remaining 85% of Redlen, making Redlen a wholly-owned subsidiary of Canon.