“Olympus returns to its fundamentals”. As part of its restructuring plan, the Japanese company announced the sale of ITX Corp for $676 million, the subsidiary responsible for distributing portable terminals.
The Japanese firm has announced the sale of its subsidiary dedicated to the distribution of mobile phones to Japan Industrial Partners, an investment fund. The sale transaction will bring him ITX $676 million (53 billion yen) and should be completed by September 28.
In a footnote, the group said that this operation is part of its restructuring plan announced on June 8. The objective of Olympus is now rebuilding its portfolio of solutions and “optimize the allocation of resources” in the areas of Health, Industry and Imaging. The Japanese group is thus clear that other sectors that do not fall within these three categories will be valued or sold.
As a reminder, since the late 90s, Olympus executives have masked some of the financial setbacks of the firm. After the discovery of these practices, the group was forced to restructure by announcing several measures to boost its business.
Management has thus explained in June that it would reduce the number of employees by 2700 people, which is representing 7% of the total number of employees. The move will be gradual and should be completed by 31 March 2014. Subcontractors, but also production sites should be affected first.