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. — Reuters pic
Olympus has been in the camera business since 1936, when it launched a product using the “Zuiko” lens, but it has struggled along with industry rivals as demand for traditional cameras declines, with consumers relying on increasingly sophisticated smartphone cameras. The company said it had tried to cut costs and develop profitable, high-end lenses to survive in an increasingly difficult digital camera market.
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