Olympus exits the camera business

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Big news for the UW photographers, especially TG fans – Olympus will be exiting the camera business after an 84-year run, blaming the rise of the smartphone.

In a notice published to its website today, Olympus announced that it has signed a memorandum of understanding to sell its camera division to Japan Industrial Partners (JIP)to take over it share and manage the imaging business.

Olympus and JIP are looking to have a final agreement by September and close the deal by the end of the year.