A year has gone by which has been a mix of gossips, disaffirmations, and turning backs, and finally Olympus is spilling the beans—after an era that spanned 84 years, the company that established one of the most iconic brands in the camera space is choosing to ditch the business.
Coming from a note which the company had published on its website, Olympus has officially declared its agreement to sell its camera division to Japan Industrial Partners (JIP). Those in the know of the goings on in the tech scene would recall JIP as being the same company that acquired Sony’s VAIO PC back in 2014.
In line of the announcement, it seems that both Olympus and JIP are bound to sign the deal by September 30 this year.
Olympus’ rise to fame in the camera business followed when it entered the enterprise back in 1939, with an initial selling point rooted in having employed a patented lens that was new at the time. Consequently, Olympus fueled its success after introducing outstanding cameras that competed directly against other popular brands, like Nikon and Canon.
But with the advent and subsequent transformation of the smartphone, the dedicated camera business has seen a slump which inevitably affected Olympus position in the business.
While the financial reports of the last three years have been the nail in the coffin that eventually led to the sale. Those who are aware of the company’s history, however, could recall that Olympus’ issue with money draws as far back as 2011 when its fired CEO unveiled the company’s losses hidden behind acquisitions.
With JIP acquiring Olympus in place, it seems that business will remain good as usual, and with 2020 seeing promise that the brand has products rolling out.