The photography world is losing a giant, as Olympus has announced that they are exiting the camera industry.
According to the company, the evolution of smartphones has caused a rapid shrink in the market. Despite implementing measures to cope with the “extremely severe digital camera market,” they have been operating losses for three consecutive years.
As a result, Olympus will be carving out the Imaging business and will be acquired by Japan Industrial Partners (JIP). This way, the camera division can operate in a more compact, efficient, and agile becoming self-sufficient.
The signing of the agreement will take place on September 30, 2020, and the transaction will be closed by December 21, 2020.
The post Olympus exits camera business, sells imaging unit to JIP appeared first on YugaTech | Philippines Tech News & Reviews.
Source: Yugatech
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