|August 8, 2002|
|Olympus Optical Co., Ltd. (President: Tsuyoshi Kikukawa) will fully integrate Olympus ProMarketing, Inc., (OPM, President: Isao Takahashi), a consolidated subsidiary that handles domestic sales of medical and industrial equipment, on April 1, 2003.|
|In addition to increasing advances in technological innovation in the medical and industrial businesses, the market environment has changed significantly. In the medical business, changes in the environment surrounding the company are underway, such as the advent of an aging society, reforms of the health care system and rapid progress in technical innovation. In the industrial business, Olympus has initiated an urgent review of the former sales structure, which was tailored to each country, as client companies move offshore to China and other countries in Asia.
Based on these circumstances, Olympus deemed it necessary to carry out a radical system strengthening at both the Medical Systems Group and the Industrial Systems Group, and has decided to fully integrate OPM in order to establish solid profitability for the future. As a result, the company aims to make speed in the pursuit of customer-oriented thinking a priority in its business by establishing a consistent system from development and manufacturing to sales.
At the time of the integration of OPM, Olympus will transfer the OPM Medical Division and Life Science Division to Olympus' Medical Systems Group, and move the OPM Industrial Division to Olympus' Industrial Systems Group. With the integration of other divisions, all of the approximately 800 OPM employees will transfer to Olympus. Olympus will take control of OPM's affiliated subsidiaries without any changes, and it will also inherit the business transactions that OPM conducts with companies other than Olympus.
Based on the theme of "Creative Destruction and Innovation," which is president Tsuyoshi Kikukawa's strategy, Olympus has been proceeding with the creation of a system that can take into account rapid changes in clients and market structure and respond promptly. This includes the introduction of an in-house company system in April 2001 and the integration of the OPM Imaging Division in April this year. In particular, the company expects that the integration at the Imaging Systems Group, which handles consumer products such as digital cameras, will significantly improve profitability of the year ending March, 2003 by further reducing costs while launching products that precisely target market demand.
This decision will further promote these moves and expand all of the company's business domains. It will reform the sales subsidiary system that has been developed over the last fifty years in Japan, establishing a consistent business system from development and manufacturing to sales at the Imaging Systems Group, the Medical Systems Group and the Industrial Systems Group, starting in April 2003.
*Olympus Promarketing, Inc. (old Olympus Sales, Inc.) merged with Olympus Optical Co., Ltd. at April 1, 2003.
*Olympus Optical Co., Ltd. was changed to OLYMPUS CORPORATION as of October 1, 2003.
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