Olympus shuts down 27-year factory in Shenzhen

Updated 2018-05-09 14:16:01 Ecns.cn

The Shenzhen factory of Olympus. (Photo/National Business Daily)

(ECNS) -- Japanese camera maker Olympus has announced that it will shut down its factory in Shenzhen City, South China's Guangdong Province, due to the changed market landscape, Chinese media reported on Tuesday.

The National Business Daily reported that the factory, located in the Hi-tech Industrial Zone of Nanshan District in Shenzhen, disclosed details of the closure to its employees during a radio broadcast on Tuesday afternoon, but that a compensation plan had not been worked out.

Founded in December 1991, Olympus (Shenzhen) Industrial Ltd. is a fully-owned subsidiary of the Japan-based camera maker, specializing in the design and manufacture of traditional and digital cameras as well as other products.

Sources from the factory told Shanghai-based The Paper that the popularity of smartphones has led to the rapid shrinking of the digital camera market and a sharp decline in the operating rate at the factory.

The equipment at the factory is worn down and unable to maintain its competitiveness, the report said.

Data from the factory showed that it continued to make a profit in the past three years, but the operating rate at the Shenzhen site had slipped to only 20 percent of its peak.

Olympus will concentrate on the new plant in Vietnam to boost production and margins, according to The Paper.

Last October, Japanese camera maker Nikon officially closed a digital camera plant in Wuxi, Jiangsu Province, as part of structural reforms.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 20 2018 20:10:39

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 20 2018 20:10:39

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 20 2018 20:10:39

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords