Nikon Corp’s logo is pictured at an electronics store in Tokyo in this August 9, 2012 file photo. (Reuters)
Nikon Corp. said Monday it has stopped operation of its Chinese plant for compact digital cameras and components due to declining demand amid widespread ownership of smartphones with inbuilt photographic capability.
The Japanese company halted the operation Monday of the plant in Wuxi in the eastern province of Jiangsu with about 2,300 workers and expects 7 billion yen ($62 million) in cost for the plant closure.
The camera and precision equipment maker will transfer the production to other plants including a factory in Thailand.
Nikon has been reviewing its global production under the reform plan announced in November 2016 as it concentrates more of its resources on competitive products such as high-end cameras.