NEW DELHI: Japanese manufacturer Olympus Corporation announced plans to get out of business after 84 years.
Olympus said that despite its best efforts to “cope with the extremely severe digital camera market,” the company was no longer profitable and “recorded operating losses for three consecutive fiscal years up to the term ended in March 2020.”
The world’s biggest camera company posted a signed MoU that it sell its Imaging business to Japan Industrial Partners (JIP), the same company that purchased Sony’s VAIO PC division.
In a statement, Olumpus said, “We believe this is the right step to preserve the legacy of the brand. We ask for your patience… Olympus sees this potential transfer as an opportunity to enable our imaging business to grow and delight both long-time and new photography enthusiasts.”
Existed as a company since 1919 but Olympus Imaging business started in 1936 after the Japanese company first introduced the Zuiko-branded camera.
Olympus was a major player in the early digital days however, the evolution of smartphones devastated the digital camera business.