TOKYO: It’s the end of an era: Japan’s Olympus said Wednesday it is selling its struggling camera division to focus on medical equipment — now the major portion of the storied firm’s business.
The company said it has signed a memo of understanding to transfer its camera business to investment fund Japan Industrial Partners, with the goal of sealing a final deal by the end of September.The firm has produced a number of famous products, including the half-size camera Olympus Pen, the world’s first micro-cassette tape recorder Zuiko Pearlcorder, and the Olympus OM-D series, a mirrorless interchangeable lens camera.
“Despite all such efforts, Olympus’ imaging business recorded operating losses for three consecutive fiscal years up to the term ended in March 2020,” the company said.