Olympus throws out camera business

Olympus throws out camera business

The Olympus Corp. will separate deinvest its camera business. In a “Memorandum of understanding”, the company agreed with the Japan Industrial Partners, Inc. (JIP) fund to transfer the business by the end of the yearto a new company, which will then be taken over by JIP. Until then, business should continue as usual. Sales, service and marketing would continue to look after customers, the company said. A binding contract with JIP should be concluded by the end of September 2020.

“We believe that this is the right step to preserve the brand’s legacy, the value of the technology and the outstanding products,” said a statement from Olympus. “Olympus sees this transfer as an opportunity to enable its imaging business to continue to create value for long-term and new customers, fans and photography enthusiasts.” As the successor to famous brands such as OM-D and Zuiko, the new company should have its own research and development and manufacturing capacities.

Despite all efforts to deal with the consequences of the shrinking camera market, Olympus’ imaging business posted losses in three consecutive financial years, a press release said and continued: ”Under such circumstances, Olympus considers that, by carving-out the Imaging business and by operating the business with JIP, the Imaging business’s corporate structure may become more compact, efficient and agile and it is the most appropriate way to realize its self-sustainable and continuous growth and to bring values to the users of our products as well as our employees working in the Imaging business.”