Olympus to Sell Camera Biz

Economy

Tokyo, June 24 (Jiji Press)--Olympus Corp. <7733> said Wednesday that it will sell its unprofitable imaging business, including digital cameras, with a history of over 80 years to investment fund Japan Industrial Partners Inc.

The precision equipment maker plans to conclude a final deal with JIP by the end of September and complete the sale by year-end. The value of the deal was not disclosed.

Olympus will focus on its mainstay medical business, including endoscopes, after withdrawing from the imaging business.

The digital camera market has slumped due to the spread of smartphones.

Olympus strengthened sales of its cash-cow mirrorless interchangeable-lens cameras and reorganized production bases. But the segment stayed in the red for the third consecutive year in fiscal 2019.

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Jiji Press