Olympus is exiting the camera business

The Olympus OM-D E-M1 Mark III.
PHOTO: Olympus

More than 80 years after setting up the imaging business unit, Olympus has announced that it will selling the division to an investment fund.

In a news release today, Olympus said it has signed a memorandum of understanding with Japan Industrial Partners (JIP) for the latter to take over its shares and manage the imaging business. 

The imaging business unit has been declining for the past few years despite measures taken by Olympus to cope with the evolution of smartphones and a rapid shrinking digital camera market.

Both companies aim to sign a definitive agreement by end September and the deal is expected to close by the end of the year.

JIP will maintain the R&D functions and manufacturing functions globally, and continue to provide support to the imaging solution products that have been distributed by Olympus.

This article was first published in Hardware Zone.