Canon changing operations in China, refocus commitment to production
Since the COVID-19 (coronavirus) pandemic dropped sales of standalone digital cameras - especially those at the low end of the market - to nearly zero, Canon is moving forward with the closure of a major factory in China. All 1700 employees at the Zhuhai factory have signed termination contracts. However, Canon expects to increase investment in China, but just in emerging markets like medical equipment, commercial printing and surveillance.
Balance Sheet|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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