Nikon shuts down Chinese manufacturing subsidiary

Nikon Imaging (China) Co., Ltd. (NIC) was established in June, 2002 in Wuxi City, Jiangsu Province, China, and manufactured digital cameras and lens units for digital cameras. But with the rise of smartphones the compact digital camera market has shrunk – and continues to do so. This has led to a significant decrease in operating rate at NIC and has created a difficult business environment. As of late September 2017 the factory had about 2’300 employees, Nikon writes in a press release. In light of this development the company has made the decision to discontinue the operations at NIC. Nikon said that the factory closure will come with expenses of JPY 7.0 billion (USD 62 million), but also added that the company’s manufacturing and sales subsidiaries in China remain in full operation