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After 84 years in the industry, famous camera brand Olympus has decided to sell its camera manufacturing business.
The company is now seeking to strike a deal with a Japanese investment firm to sell the camera and imaging part of its business. The price of the sale has not been disclosed, but the parties plan to sign an agreement by September and finalize the sale by the end of the year.
Olympus made the decision to sell its camera business after failing to keep up with the severely competitive digital camera market. According to a company report, Olympus has been recording losses for the past three years because of the evolution of more sophisticated smartphone cameras, which have come to replace standalone cameras. Some experts estimate that between 2010 and 2018, the market for standalone cameras has fallen by 84% because of smartphones.
Olympus, which originally only manufactured microscopes, started its camera business in 1936. The company continued to develop its products through the years, achieving great success in the 1970s when world-famous photographers endorsed its cameras. However, the company lost its edge later on and failed to attract new customers for its camera products.
Olympus is hoping that the Japanese investment firm can revitalize the camera business by using existing Olympus brands, such as the Zuiko camera lenses, to create new products.
Olympus issued a statement saying that the sell-off is the best way to preserve the brand’s legacy. The company added that they are grateful for the loyalty and support of customers and assured them that business will continue as usual until the deal is finalized.
After the deal, Olympus will focus more on developing medical equipment.