Olympus To Get $670M In Mobile Telecom Unit Sale

Law360, New York (August 24, 2012, 5:29 PM EDT) -- Japan's Olympus Corp. will unload its mobile telecommunications business unit to a Japanese investment fund in a ¥53 billion ($670 million) deal, the camera maker said Friday, as it continues to reel from a $1.7 billion accounting fraud.

Through the sale, Olympus will divide telecommunications unit ITX Corp. and sell its mobile device sales-focused branch to Japan Industrial Partners Inc. The subsidiary has “contributed steadily” to the company's overall earnings, Olympus said, but can no longer feed its growth.

In June, Olympus announced a cost-slashing plan...
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