{"id":31690,"date":"2020-06-25T11:10:00","date_gmt":"2020-06-25T11:10:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2617451"},"modified":"2020-06-25T11:10:00","modified_gmt":"2020-06-25T11:10:00","slug":"olympus-to-exit-camera-business-after-84-years","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/06\/25\/olympus-to-exit-camera-business-after-84-years\/","title":{"rendered":"Olympus to Exit Camera Business After 84 Years"},"content":{"rendered":"

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Under pressure from U.S. shareholder ValueAct Capital, Tokyo company to sell unit to private-equity firm Japan Industrial Partners<\/h2>\n<\/div>\n<\/div>\n<\/header>\n
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Olympus<\/a> Corp.<\/span> OCPNY 5.96% <\/a>is getting out of the camera business after 84 years to focus on medical devices.<\/p>\n

The Tokyo company, which has been under pressure from U.S. shareholder ValueAct Capital<\/a> to improve shareholder returns, said Wednesday that it planned to sell its camera unit to private-equity firm Japan Industrial Partners Inc. It didn’t disclose financial details. The companies aim to complete their deal by the end of the year.<\/p>\n

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Olympus was a global consumer brand for decades thanks to its cameras, hiring the likes of supermodel Cheryl Tiegs to promote its products on television<\/a>. It shifted readily to digital cameras in the 1990s and was No. 2 in market share behind Sony<\/a> Corp.<\/span> early this century.<\/p>\n

As recently as 2007, the dawn of the smartphone era, digital cameras were a $3-billion-a-year business for Olympus. Within a few years, however, most of the market evaporated because people were using their phones to take pictures. Camera revenue shrank to just over $400 million in the year ended March 31, and the business has lost money for the past three fiscal years.<\/p>\n

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The company’s main product line is now medical-imaging devices such as endoscopes.<\/p>\n

Olympus said June 17 <\/a>that all its units have seen revenue drop sharply during the coronavirus pandemic. At the bottom in April, camera-division revenue was falling by more than half compared with a year earlier, it said.<\/p>\n

San Francisco-based ValueAct said in 2018 it had taken a stake of more than 5% in Olympus. The next year, ValueAct partner Robert Hale joined Olympus’s board.<\/p>\n

Write to <\/strong>Kosaku Narioka at kosaku.narioka@wsj.com<\/a><\/p>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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See Campaign: <\/strong>https:\/\/quotes.wsj.com\/OCPNY<\/a>
Contact Information:<\/b>
Kosaku Narioka<\/p>\n

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<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

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Contact Information:<\/h3>\n

Kosaku Narioka<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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The Tokyo company, which has been under pressure from U.S. shareholder ValueAct Capital to improve shareholder returns, said Wednesday that it planned … Continue reading Olympus to Exit Camera Business After 84 Years<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-31690","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nOlympus to Exit Camera Business After 84 Years - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/06\/25\/olympus-to-exit-camera-business-after-84-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olympus to Exit Camera Business After 84 Years - Business\" \/>\n<meta property=\"og:description\" content=\"Under pressure from U.S. shareholder ValueAct Capital, Tokyo company to sell unit to private-equity firm Japan Industrial Partners     Olympus Corp. OCPNY 5.96% is getting out of the camera business after 84 years to focus on medical devices. 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