Navigation systems and software developer Trimble Navigation [Nasdaq: TRMB] and camera and imaging technology vendor Nikon [Tokyo: Nikon 7731] have agreed to form a 50/50 joint venture in Japan, Nikon-Trimble, that will serve the market for surveying instruments, including Global Positioning System-based devices.

Under the terms of the agreement, Trimble will acquire a 50 percent ownership stake, which will assume the operations of Nikon Geotecs in Japan. The new entity plans to focus on the design and manufacture of surveying instruments including mechanical total stations and related products. Nikon-Trimble will purchase assets from Nikon Geotecs and Trimble Japan KK and is expected to begin operations during the second quarter of 2003.

In Japan, Nikon-Trimble will distribute Nikon’s and Trimble’s GPS products and robotic total stations. Outside Japan, the joint venture will become the exclusive distributor of Nikon survey and construction products.

Under the financial arrangement, Nikon will contribute approximately $10 million all in cash, while Trimble will contribute $4.2 million in cash and $5.8 million in its common stock.