Canon CEO Reports Strong Year; Company Also Expanding into New Businesses

Canon Inc. Chairman and CEO Fujio Mitarai

Last week, the Nikkei Asian Review interviewed Chairman and CEO Fujio Mitarai of Canon Inc. of Tokyo, Japan, who revealed that Canon is expanding its new businesses – such as a medical business acquired from Toshiba – that it expects will generate nearly one-third of sales in the next few years. The company will also be looking to expand from digital cameras and copiers into factory equipment.

Mitarai told the Nikkei Asian Review  that last year Canon enjoyed a “strong year” for cameras, office equipment, and other existing businesses. He said that new business segments, such as health care and industrial equipment, also boosted both sales and profit.

As for its mid-term plan that runs to 2020,Mitarai says Canon is seeking to make at least 5 trillion yen ($44.1 billion) in  sales, with cameras contributing over 30 percent to that, and office equipment another 40 percent, and new businesses, such as health care, making up the rest.

Mitarai also said that Canon will  “further strengthen areas where we’ve already made acquisitions,” and that future purchases will supplement its  health care, security-camera, and industrial equipment segments. Canon has set aside 300 to 400 billion yen (approximately $3.5 million U.S.) for this purpose through 2020.

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