Originally posted by RobA_Oz "Brutal" is the right word here. What's the bet that Hoya jumps in and buys Nikon, so they can asset-strip their Healthcare products and sell the rest to Ricoh?
Just kidding.
It isn’t only cameras. Steppers are awful too.
From 2008 - 2018 Nikon went from 40% of the photolithography stepper equipment for semiconductor manufacturing to 10% market share. ASML now has 80% of the market. Stepper revenue was 1/3 of Nikon’s revenue, and highly profitable - in 2018 it lost 218 Billion Yen.
In 2014 Nikon had nearly 500,000 square feet of manufacturing capacity in Thailand, plus major facilities in Japan. If there is an LBO and breakup, healthcare and the real estate is the prize, especially considering demand to move supply chains out of China. I think they could shrink dramatically and purge all cameras and lenses below Professional and Prosumer grade (the Thailand-made stuff).
Nikon’s camera / lens operation is much too large for Ricoh to buy. Feels to me like Ricoh is taking advantage of competitors’ distress to up their game right now. They predicted this outcome in 2013 when they started downsizing.