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Olympus Electronics, one of the leading camera making brands during the pre-smartphone era, is planning to move out of its camera business.
Olympus Corporation and Japan Industrial Partners (JIP) announced on Wednesday that they have signed a deal to carveout the Japanese camera company’s imaging business and transfer its shares to a fund managed by JIP.
The camera maker’s move to spinout its imaging business comes after Olympus posted losses for three consecutive fiscal years up the term ending March 2020.
Changing consumer preferences with the advent of smartphones has significantly dented the fortunes of camera makers, leaving the top few companies to hold on to their turfs.
During this period, Olympus is said to have improved its cost structure by restructuring its manufacturing set up and focusing on high-value-added interchangeable lenses. It aimed to boost profits while its sales was falling.
The Japanese camera maker has developed and launched Olympus Pen, Zuiko Pearlcorder, and most recently, Olympus OM-D series, the mirrorless interchangeable lens camera.
The deal will move Zuiko and OM-D brands into JIP’s portfolio.
