Scandal-hit Olympus unveils new devices to rebuild firm
News On Japan via Reuters -- Mar 21
Japan's scandal-hit Olympus Corp on Wednesday unveiled three new medical products it hopes will help it out of the crisis left by a huge accounting fraud which erupted last year, threatening to destroy the 92-year-old firm.
Better known for its cameras, the company is pinning its future on medical equipment and in particular diagnostic endoscopes in which it already controls about 70 percent of the global market.
"Without growth in our medical business, I do not think there will be a revival for Olympus," Hiroyuki Sasa, the firm's president-nominee and head of Olympus's medical equipment marketing business, said at an event for the product launch.
It has survived has the $1.7 billion fraud case that surfaced last October in one of Japan's worst corporate scandals, partly because its profitable medical business, which accounts for about 40 percent of total sales.
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