Olympus Corporation has concluded a definitive agreement with Japan Industrial Partners Inc. (JIP) to transfer the Olympus Imaging business to Japan Industrial Partners Inc. (JIP).
Under the agreement, a new wholly-owned subsidiary of Olympus will be established and renamed OM Digital Solutions Corporation. This is to be followed by transferring 95% of the shares of OM Digital Solutions Corporation on January 1, 2021, to OJ Holdings, Ltd., a purpose company established by JIP. Olympus Corporation will retain a 5% interest
The transfer is expected to make the business structure and operations of the imaging business ‘more compact, efficient, and agile, and it is the most appropriate way to realise self-sustainable and continuous growth in the current climate and market’, according to a company press release. The release continues: ‘With a loyal following and long history of innovative products, the newly established OM Digital Solutions will be committed to building on Olympus’ accumulated expertise and to continue providing customers with innovative, high-quality cameras, lenses, audio recorders, binoculars, software and applications under the new business structure’.
The headquarters of the new entity, along with sales and marketing, R&D and designing departments for imaging products will relocate to the new headquarters in Hachioji, Tokyo. Production will continue at the location in Dong Nai province, Vietnam, where imaging products are currently manufactured. OM Digital Solutions will continue to provide customer support for the imaging products which have been manufactured and sold by Olympus.
The new company will be using the Olympus brand from its establishment until the foreseeable future. All services, repairs and warranties for products with the current Olympus brand will be fulfilled both during and after the transfer is complete. Services, repairs and warranties will continue, and customers will also be able to receive support for future purchases. There are no scheduled changes to new product launch plans in 2020 due to the transfer. Click here for the official company document.