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Konica Minolta has decided to liquidate a wholly-owned Canadian unit that sells digital cameras because of stiffer competition. The Japanese company says the closure will not affect its forecast for the financial year end in March 2006. The Canadian unit is valued at around CA$5.66m (US$4.76m). Konica Minolta said that it will seek partners who can distribute its cameras in Canada.
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.