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After months of speculation about who would step in to save the scandal-ridden Olympus‘ rocky fortunes, Sony has finally opened up its checkbook. The two companies are entering into a “business and capital alliance,” with Sony pumping in $650 million to its former rival. In exchange, it’s gaining a seat on the company’s board and a 51 percent stake in a new joint venture based on Olympus’s coveted medical imaging tech — something Kaz Hirai outlined in his “One Sony” strategy. The deal also includes a component-sharing agreement in the photography space, with Olympus mirror cells and camera lenses being given to Sony, while image sensors (where Sony is very strong) will go the other way.
Filed under: Cameras
Sony makes Olympus rescue pact official with $645 million investment originally appeared on Engadget on Fri, 28 Sep 2012 04:54:00 EDT. Please see our terms for use of feeds.
Olympus is reporting a $56.7 million loss for its first quarter of 2012. While its coveted medical imaging arm remains profitable, its life-science and industrial unit suffered thanks to corporate belt-tightening. Unsurprisingly, its low-end compact camera market is shrinking, but sales of its OM-D E-M5 ILC increased by 50 percent, offsetting some of the losses and reducing operating losses from $89 million last quarter to $19 million in this one. Like many of its Japanese rivals, it’s also found a strong yen has stifled its return to productivity, a trend that isn’t likely to change soon.
Filed under: Digital Cameras
Olympus hangs $57 million loss on austerity, strong yen and declining compact camera market originally appeared on Engadget on Thu, 09 Aug 2012 05:16:00 EDT. Please see our terms for use of feeds.
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