Advertisement

Olympus is poised to sell off the information and telecommunications operations of Japanese mobile phone company ITX for 53 billion yen.

The move is part of a plan by Olympus bosses to focus on the firm’s core activities – including its camera business – following its ‘Back to Basics’ strategy announcement in June.

‘Olympus has determined that the business [ITX] itself is not aligned sufficiently close with the core business domains targeted under the group’s medium-term business plan,’ the firm said in a statement announcing the transfer.

The sale, to investment fund Japan Industrial Partners, is due to complete on 28 September.