Olympus Corp. concluded a definitive agreement with Japan Industrial Partners Inc. (“JIP”) regarding the transfer of the Olympus Imaging business. Under the previously announced agreement, Olympus will transfer its Imaging business to a newly established wholly-owned subsidiary of Olympus (the “New Imaging Company”), through an absorption-type split. This is to be followed by transferring 95% of the shares of the New Imaging Company – now called OM Digital Solutions Corp. – on Jan. 1, 2021, to OJ Holdings, Ltd., a special purpose company established by JIP.
“I would like to express my heartfelt gratitude to all our customers for their patronage and support of Olympus products, and for their passion devoted to photography. I have the utmost confidence that this transfer is the correct step forward in sustaining the value of our products and services,” said Yasuo Takeuchi, president and CEO, Olympus Corp. “At the same time, I am certain that this opportunity is the best choice for our long-time patrons, new customers and photography enthusiasts. Under the new company, the development, manufacturing, sales and service functions will continue tight collaboration to introduce new products that will satisfy customers.”
The agreement applies to Olympus’ global Imaging business, which includes all R-and-D and manufacturing facilities for imaging. Head of sales and marketing, R-and-D and designing departments for imaging products will be relocated to the headquarters of the New Imaging Company in Hachioji, Tokyo. Production will continue at the location in Dong Nai province, Vietnam, where imaging products are currently manufactured. The new company will continue to provide customer support for the imaging products which have been manufactured and sold by Olympus.
Following the transfer of the Imaging business, Olympus Corp. will concentrate on Medical and Scientific Solutions.