Olympus Announces an Exit from the Camera Business
June 24, 2020
In a move foreshadowed by its withdrawal from the South Korean camera market earlier this year, Olympus has officially announced plans to divest interests in the imaging side of their business.
Olympus cites rapid market shrink caused by the evolution of smartphones and losses over three consecutive fiscal years as driving factors for the move. Olympus brands including the OM-D and ZUIKO lines will transfer to a new company created by the private investment firm Japanese Industrial Partners (JIP).
According to the memorandum released today, Olympus intends for the new company to continue to support research and development, manufacturing of new product, and service of legacy products.
Transfer of ownership is scheduled to take place by the end of 2020.
Olympus has released some of the best digital cameras to use underwater, from the classic C-5050 to the current model Tough TG-6. The TG-6 remains one of our favorite digital cameras of 2020 for its unparalleled macro capabilities and compatibility with the awesome FCON-T02 Fisheye Conversion Lens.
In 2020, Olympus has released a single new camera: the OM-D E-M1 Mark III mirrorless micro four-thirds camera.