Japanese camera-maker Olympus Corp on Monday announced that it will shut down its factory in Shenzhen, South China's Guangdong Province, due to low productivity and a weakened competitive competence in the market, media reports said.
Olympus confirmed to domestic news site thepaper.cn that the digital camera market has shrunk sharply in recent years because of the popularization of smartphones and also that the output of Olympus (Shenzhen) Industrial Ltd has greatly dropped.
Established in December 1991, the Shenzhen factory has recently been finding it hard to maintain its competitive competence in the market as its equipment grew old, the report said.
Given such factors, Olympus has decided to halt production at its Shenzhen factory and will focus production at its Olympus Vietnam Co factory in the southern Vietnamese province of Dong Nai, according to the report.
In October 2017, Japanese camera-maker Nikon also announced the closure of its digital camera factory in East China's Jiangsu Province.