Having become one of the world’s leading brands in the production of cameras and cameras in 1936, Olympus, Japan-based, has announced that it has officially decided to withdraw from the camera industry it has been in for 84 years.
After rumors and denials that have been going on for over a year, it has finally become official: The 84-year-old giant planetarium of the camera industry is saying goodbye to the industry. In a statement made on the official website of the Japanese firm, it was stated that a memorandum of understanding was signed with Japan Industrial Partners (JIP) to sell the camera division.
Olympus and JIP signed a legally binding agreement until September 30. JIP, which purchased the telecom unit of Olympus in 2012, incorporated Sony’s PC brand VAIO in 2014. By the way, it is not clear for now how much the agreement between Olympus and JIP will be completed.
Olympus sells the camera unit to Japan Industrial Partners (JIP)
Founded in 1936, Olympus entered the camera industry for the first time in 1939 by launching the Semi-Olympus I model using the Zuiko lens. Over the next decades, the company launched many popular camera models in 1959, including the Olympus Pen, which was good enough to compete with Canon and Nikon, and the OM 35mm SLR.
However, in recent years, the line between smartphone cameras and professional-level cameras has gradually blurred, making commercial manufacturers such as Olympus difficult. The rooted company started to focus on medical device production as the smart phone cameras developed.
The 84-year-old brand started to focus on medical device production as the smart phone cameras developed.
Taking some steps to increase revenues in the digital camera market due to the rapid market shrinkage caused by the evolution of smartphones, Olympus focused on high value-added interchangeable lenses by restructuring the production process, but despite all these efforts, Olympus’ camera business ended in March 2020. continued to suffer for three consecutive fiscal years.
While the financial details of the acquisition were not disclosed to the public, Olympus announced that the agreement will continue to operate with its current structure until the effective date and that new products planned for 2020 will be released according to the program.