Olympus mulls ‘reorganisation’ to cut costs
April 25, 2014
If it goes ahead, in April 2015, it seems the move would reverse the corporation’s existing ‘split-company’ system – brought about when Olympus’s imaging and medical segments were divided into two separate corporations in 2004.
In a statement, released today by Olympus Japan, the company says the move would ‘improve cost competitiveness by eliminating duplication of functions’.
Olympus said the 2004 restructure achieved a ‘certain level of success in expanding and strengthening primarily our medical business’.
The company says it has begun ‘deliberations’ on reorganisation of the group that would also aim to strengthen its head office functions.
Earlier this month, Olympus confirmed that it faces a new £163 million lawsuit in relation to the accounting scandal exposed in 2011.
Olympus’s share price fell by more than 70% in the immediate aftermath of the £1.1-billion cover-up, which was made public by Michael Woodford, the company’s former boss, turned whistleblower.