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Olympus details deal with JIP over transfer of its imaging business

By Ng Chong Seng - on 1 Oct 2020, 8:34am

Olympus details deal with JIP over transfer of its imaging business

(Image: Olympus.)

Three months after announcing its intention to sell its camera business, Olympus has now detailed the agreement it has made with Japan Industrial Partners Inc., the investment fund that’s taking over the business.

Briefly, Olympus’ imaging business will first be transferred to one ‘New Imaging Company’, which is a newly established but wholly-owned subsidiary of Olympus, through an absorption-type split.

When that’s done, Olympus will transfer 95% of NIC shares to JIP’s OJ Holdings, Ltd. This is supposed to happen Jan 1, 2021.

Regarding the future of Olympus cameras, the press release has this to say:

The agreement applies to Olympus’ global Imaging business, which includes all R&D and manufacturing facilities currently dedicated to its Imaging business. The New Imaging Company will continue to provide high-quality, highly reliable products. Built on a solid foundation, including the Zuiko and OM brands, which are grounded in optics and digital imaging technologies cultivated by Olympus over many years, the New Imaging Company will be appropriately positioned to further pursue new developments.

Additionally, Olympus says that users with imaging products made and sold by Olympus will continue to get customer support from the New Imaging Company. For what it’s worth, NIC’s company name is set to be OM Digital Solutions Corporation.

Moving forward, Olympus says it’ll be concentrating on medical and scientific solutions.

Source: Olympus.