Olympus Sale Complete; OM Digital Solutions to Continue Brand, Support

Olympus completed the transfer of its imaging business to Japan Industrial Partners, said Olympus Monday. Olympus, which began selling the Semi-Olympus with Zuiko lenses in 1936, said in June it was selling its sagging imaging business after logging operating losses for the past three fiscal years (see 2006250060). It signed a memo of understanding with Japan Industrial Partners to carve out its imaging business to a new company, since named OM Digital Solutions, and to transfer its shares to a fund handled by JIP. OM Digital Solutions will retain Olympus capabilities in research and development, production, sales and marketing. It will license the Olympus brand name, “which is familiar and resonates with customers, for the foreseeable future,” said Shigemi Sugimoto, former Olympus digital imaging head, who was named representative director of OMDS. The company will continue production at the facility in Dong Nai province, Vietnam, where imaging products have been manufactured since 2008, it said. The new company will “continue to launch innovative products in existing business areas such as cameras, audio recorders, and binoculars” and will provide new solutions "as our future product roadmap plans have not changed." OMDS will offer customer support for the imaging and audio products previously manufactured and sold by Olympus. "Services, repairs and warranties will continue, and customers will receive full support for future purchases,” it said. The launch of the new Tokyo-based company, with a market capitalization of $360 million, brings together a more "focused and flexible organizational structure," it said. OMDS employs about 2,000 globally. Olympus, meanwhile, will concentrate on medical and scientific solutions, said CEO Yasuo Takeuchi. It recently bought Veran Medical Technologies.