Canon to focus on surveillance cameras and medical equipment
Copiers and office supplies will no longer fill Canon’s budget as they did in the recent past. Over the next five years, this renowned Japanese manufacturer will grow in security cameras, medical equipment, OLED lighting panel equipment, commercial packaging, and label printing. The business promises to grow and the company to flourish.
Canon’s plans in an interview with Nikkei journalists told the chairman, president and CEO of the company 85-year-old Fujio Mitarai (Fujio Mitarai). All four priority lines of business are relatively new to the company. The reorganization will take place in April this year when Japan’s new fiscal year begins. According to the plans, only surveillance cameras and medical equipment should bring the company in 2025 over 40% of consolidated revenue, while in 2019 both of these areas brought Canon 25% of annual revenue.
According to the company’s head, in 2020, Canon’s total sales amounted to 3.14 trillion yen ($ 30.6 billion), which is 13% more than in the previous year. Canon’s new five-year business plan will target Canon sales of 4.5 trillion yen from this year, surpassing the 2007 record. Each of the new business lines will gain relative independence up to the decision-making by group leaders without consulting the head of the company. Mitarai does not yet have a successor and, probably, the new practice of making independent decisions should reveal a worthy candidate.
The Optical Equipment Group will also expand its product line for industrial use by integrating cameras and software while increasing sales of cameras for robots and autonomous vehicles, advanced night vision cameras, and other products suitable for industry and public infrastructure.
