April 24, 2006
Mamiya Departs the Imaging Market
Imaging News has broken the story that Mamiya has sold off it's optical division, having found that digital cameras and in particular digital SLRs, had made it's medium format line overly expensive and unprofitable.
The departure marks yet another industry giant casualty from the inevitability of digital conversion. Mamiya had recently launched the ZD SLR in hopes of regaining market share. However, the board of directors was not swayed after noting four consecutive quarters of steadily declining losses, and announced the sale of the optical instruments business to Cosmos Scientific Systems Inc. Pending a June approval by shareholders, the sale will be concluded by September of 2006. As part of the deal, Cosmos will take on all unit assets, patents, trademarks, certain debts and post-sales support responsibilities. Mamiya did not disclose any figures around job losses but notes a "considerable number" of employees will transfer to Cosmos as part of the sell-off.
Posted by covey22 at April 24, 2006 9:26 PM