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September 7, 2005 – Konica Minolta has announced that they will be closing their Canadian digital camera sales unit due to stiff competition.
The closing of the wholly owned Canadian unit, which is valued at $5.66 million Canadian ($4.67 million), is not expected to impact Konica Minolta’s forecasted earnings for the year ending March 31, 2006. In August, Konica Minolta, which also manufactures office equipment and traditional film cameras, projected net profit of 23 billion yen ($209.3 million) for the coming year on a global revenue of 1.13 trillion yen.
In a statement announcing the closing, Konica Minolta said it would seek unspecified partners to distribute its cameras in Canada.