Pentax agreed to become a wholly-owned subsidiary of Hoya in 2007. The 'merger', which took effect on 31 March 2008, was said to be worth around 95 billion yen. Jonathan Martin, General Manager, Pentax Imaging Systems UK said: 'Ricoh is globally renowned within the digital camera industry, having successfully brought a range of products to market… 'We are extremely pleased with today?s announcement and see this as the natural next step in the evolution and continued development of the Pentax brand in the UK and abroad. 'With Ricoh?s involvement we can continue to grow the Pentax business in the UK and ensure we maintain our commitment to provide our customers with innovative, cutting edge, high quality products to suit all camera users.' Earlier this year Ricoh announced the development of a Leica lens mount unit for its GXR camera system. Ricoh has confirmed that this is planned for release in September or October.