Japanese optical technology company Olympus says it will sell its imaging business, which includes its digital camera division. The decision comes as it is losing its market share to smartphones.
The company says it is splitting off its imaging business, which is over 80 years old, and will sell it to Japan Industrial Partners.
The two sides are aiming to sign a final contract by September 30 and complete the transaction by the end of this year.
Olympus developed a photographic lens in 1936, using technology for microscopes, and has operated its camera business for decades.
But the rapid spread of smartphones has shrunk its digital camera market and the firm's imaging business posted operating losses for three consecutive fiscal years through this March.
Olympus plans to concentrate its resources on medical equipment and other fields where it has an advantage.
It says a newly established company will take over the brand of digital cameras and will provide support to customers.
An industry organization says worldwide digital camera shipments last year came to about 15.21 million, down sharply from the peak in 2010, when more than 120 million units were shipped.
Source: ANNnewsCH
