Sep 7, 2005

Konica Minolta closing Canadian unit

Press Release:
Japan's Konica Minolta to liquidate Canadian unit; sees no financial impact

TOKYO (AFX) - Konica Minolta Holdings Inc said it has decided to liquidate a wholly-owned Canadian unit that sells digital cameras because of stiffer competition.

Konica Minolta Holdings, which makes office equipment and digital cameras, said the winding-up will not affect its forecasts for the year to March 2006.

In August, the company forecast a full-year net profit of 23 bln yen and current profit of 80 bln yen on revenue of ¥1.13 tn.

The Canadian unit, Konica Minolta Photo Imaging Canada Inc, capitalized at CA$5.66 mn, will be liquidated at a yet-to-be decided date, subject to regulatory procedures.

Konica Minolta Holdings said that it will seek partners that can distribute its digital cameras in Canada. It did not elaborate.