Olympus gets out of Camera and Imaging Business after Three Years of Losses

Newsdesk, TimeforaDSLR, 30th June 2020: We have shocking news for you and that is, Olympus is getting out of the camera business. Yes, as per theverge.com, Olympus has made an official announcement that it is selling off the imaging division completely. The buyer for this will be an investment fund. The Olympus will transfer all of the shares and hereon the company will only deal in the medical equipment business.

Olympus is already doing well in the machines as related to endoscopy. Although, till last year, the company had no plans to sell off the imaging business, but then due to the slowdown in this business, the company had to take this decision.

It seems that with the evolution of smartphone and best camera technology as attached with the smartphones, the camera market has already shrunk. Only a few players like Nikon and Canon are performing well. JIP, which has purchased Olympus will continue with the Olympus brands, just like how JIP did with VAIO.

As of now, there’s no indications or details about the financial agreement between JIP and Olympus in regards to the deal. But, by the end of this year, Olympus has plans to close down and hand over the imaging business to JIP. Since last three years, Olympus had been making losses and hence, this was one of the key decisions the company had to take.

Till now, this is what we know about Olympus and JIP deal. We will update you with more news when we receive any update on the same.