After 84 years of a long legacy in the camera business, once one of the biggest camera brands, Olympus, has officially announced it’s ceasing its camera manufacturing to sell its camera department to Japan Industrial Partners (JIP).
Although the company said it had improved cost structure, worked on high-profit cameras, and took steps to “cope with the extremely severe digital camera market,” it reported operating losses for three consecutive fiscal years, but will from now on continue to focus primarily on supplying industrial and medical imaging equipment.
This is not the end of Olympus cameras, however. The company took to Facebook to explain: “We ask for your patience: we believe this is the right step to preserve our brand’s legacy, the products, and the value of our technology. Olympus sees this potential transfer as an opportunity to enable our imaging business to grow and delight both longtime and new photography enthusiasts.” In the meantime, JIP has revealed plans to streamline the business, as it did with Sony’s VAIO PC division. Cameras will be made “more compact, efficient, and agile.”