Olympus a brand that has been making cameras for 84 years (since 1936) is selling its camera business to an investment firm. In recent years Olympus’s camera division had survived several crises one of which led to a $646 million fine. Just a year ago it was reported that the photography division of Olympus incurred $157 million in losses and in November last year, it was rumoured that Olympus would be selling its camera side of the business.
Barely seven months after denying the rumours, Olympus is in talks of being sold to Japan Industrial Partners. According to The Verge, the deal will be completed later this year- they have signed a memorandum of understanding that will see Olympus transfer all its shares. The value of the sale has not yet been announced.
While Olympus is dispossessing itself of its photography business, production will continue under new ownership. Japan Industrial Partners will “maintain the research and development” and “continue to offer high-quality, highly reliable products.”
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