Home Tech News Olympus shutters its camera business

Olympus shutters its camera business

I have an Olympus PEN camera and I love it. So it was heartbreaking news—announced the other day—that Olympus is shutting down. 

Yes, the company that started making cameras in 1936 and is responsible for the PEN mirrorless micro four-thirds cameras and the world-famous Zuiko lens is succumbing to the sharp decline of digital camera sales—a demise hastened by the ongoing pandemic that’s been wreaking havoc in the corporate world. 

It’s no secret that smartphones have taken over the personal imaging world—and the impending doom of digital camera makers have been written on the wall in high-resolution clarity. The venerable camera maker had tried to focus on its line of interchangeable-lens cameras, but to no avail. Sales peaked at a robust US$3 billion in 2007, but has become a loss-making endeavor in the last three years.        

The company announced yesterday that it had signed a memorandum of understanding to offload its imaging business and transfer the shares to a private equity firm, Japan Industrial Partners (JIP)—a transaction both parties hope to finalize by this September and complete by the end of the year. JIP, established in 2002, boasts major investment deals including the acquisition of the respected Sony Vaio PC business in 2014.  

But while JIP gets the camera business, Olympus Corp. lives on as one of the world’s biggest manufacturers of medical devices, a huge category that includes the global endoscope market, 70 percent of which Olympus commands.

-- Advertisement --
-- Advertisement --
-- Advertisement --
-- Advertisement --

Latest Articles

The Lexus RX will elevate your drive

The RX is the very first luxury crossover SUV to proudly wear the Lexus badge. When it made its global debut in...

Changan is ready for prime time with the midsize 7-seater CS95 SUV

Changan Motor Philippines Inc., the official distributor of Changan vehicles in the Philippines, introduces its challenger to the local full-sized SUV segment,...

Kia PH targets triple-digit sales growth for 2021

In a virtual round-table meeting with the media, Kia Philippines President Manny Aligada projected that the Korean brand is poised to hit...

LRMC recognized for Quality and Environmental Management System

PHOTO: Mr. Tristan Arwen Loveres (Managing Director of TUV Rheinland Philippines, Inc.) presented the ISO certificates to Light Rail Manila Corporation through...

Broker bounces back with Shell’s Spin to Win P1M prize

One’s situation can shift from hardship to happiness and hope in just a few minutes. In the case of Juan Ardales, the...


Manny de los Reyes
Manny de los Reyes has been covering the automotive and technology industries for over 25 years. He is a multiple award-winning journalist who has been writing for the Philippine Star for 20 years and has been its motoring editor since 2012.


Please enter your comment!
Please enter your name here