| May 10, 2004 |
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| Olympus Corporation to Separate Imaging and Medical Business Operations; Establish New Subsidiary Companies with Global Responsibilities |
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| Olympus Corporation (President: Tsuyoshi Kikukawa) is pleased to announce plans to reorganize its current imaging system and medical system business groups into two separate subsidiary companies as of October 1, 2004. The move will maximize the value of Olympus corporate resources and will speed up the company's ability to respond to changing market conditions on a global basis in each business area. Olympus Imaging Corporation, a newly established company, will handle imaging business operations; On October 1, 2004, the medical business operations will be moved to Olympus Medical Systems Corporation, a company established on April 27, 2004 in preparation for this move. Both companies will be wholly owned subsidiaries of Olympus Corporation. The reorganization plan is expected to be ratified at the general shareholders meeting on June 29, 2004. In the same manner, similar plans are scheduled to be implemented at major Olympus sales subsidiaries in the United States, Europe, and other markets. |
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| Background and Objectives of Corporate Reorganization |
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| In April of 2001, Olympus adopted an "in-house company" structure
to better respond to customer needs as a global value-creating company, and has
successfully improved management efficiency and in-house company independence
as a result. The current corporate reorganization plan is designed to further
advance these goals by: 1) achieving greater global unification in each business
group; and 2) allowing faster and more responsive management policy implementation
in each business group. In addition, it also serves to further clarify the boundaries
of management authority and responsibility. It also allows Olympus Corporation,
as sole shareholder, to dedicate itself to the development of global strategies,
head office management functions, research and development, and the promotion
of life science, industrial systems, and new business development. |
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| This year is also the year in which Olympus will formulate its
next five-year corporate strategic plan (Medium-Term Five-Year Management Plan)
for the years 2005 through 2010. The new five-year corporate strategic plan will
therefore be predicated on the new corporate structure. |
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| New Corporate Structure Overview |
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| (1) Name |
Olympus Corporation
(Parent Company)
as of March 31, 2004 |
Olympus Imaging
Corporation
(New Company)
scheduled to begin operations Oct. 1, 2004 |
Olympus Medical Systems Corporation
(Existing Company)
scheduled to begin operations Oct. 1, 2004 |
| (2) Date of founding |
Oct. 12, 1918 |
Oct. 1, 2004 |
April 27, 2004 |
| (3) Head office location |
2-43-2 Hatagaya,
Shibuya-ku,
Tokyo |
2-43-2 Hatagaya,
Shibuya-ku,
Tokyo |
2-43-2 Hatagaya,
Shibuya-ku,
Tokyo |
| (4) Principal officer |
Tsuyoshi Kikukawa
(President) |
Hiroshi Komiya
(President) |
Koji Miyata
(President) |
| (5) Capitalization |
40,832 million yen |
1,000 million yen |
1,000 million yen |
| (6) Shares issued |
264,472,608 shares |
20,000 shares |
20,000 shares |
| (7) Shareholder equity |
213,743 million yen |
20,000 million yen |
9,000 million yen |
| (8) Total assets |
438,057 million yen |
88,000 million yen |
53,000 million yen |
| (9) Financial year end |
March 31 |
March 31 |
March 31 |
| (10) No. of employees |
6,259 |
1,385 |
1,807 |
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| Olympus Corporation Overview (After Reorganization) |
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| (1) Name |
Olympus Corporation |
| (2) Area of business |
Manufacture and sales of precision equipment |
| (3) Head office location |
2-43-2 Hatagaya, Shibuya-ku, Tokyo
(place of business: 2-3-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo) |
| (4) Principal officer |
Tsuyoshi Kikukawa (President) |
| (5) Capitalization |
40,832 million yen |
| (6) Total assets |
325,700 million yen |
| (7) Financial year end |
March 31 |
| (8) Impact of restructuring on earnings forecasts |
Reflected in forecasts announced on May 10, 2004 for term
ending March 31, 2005 |
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| Corporate Organization (After Reorganization) |
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| 1) Olympus Imaging Corporation |
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current Imaging Systems Group |
| 2) Olympus Medical SystemsCorporation |
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current Medical Systems Group |
| 3) Olympus Corporation |
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current Life Science Group
current Industrial Systems Group
current Corporate R&D Center
current Corporate Center
current Entities reporting directly to the President (Future Creation Laboratory,
Intellectual Property & Licensing Division, Corporate Planning Division, etc.)
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