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May 10, 2004
Olympus Corporation to Separate Imaging and Medical Business Operations; Establish New Subsidiary Companies with Global Responsibilities
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.
Background and Objectives of Corporate Reorganization
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.
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.
New Corporate Structure Overview
(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
Olympus Corporation Overview (After Reorganization)
(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
Corporate Organization (After Reorganization)
1) Olympus Imaging Corporation
current Imaging Systems Group
2) Olympus Medical SystemsCorporation
current Medical Systems Group
3) Olympus Corporation
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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