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Canon aims for $1.22 bn medical sales in 2015

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CIOL Bureau
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TOKYO, JAPAN: Canon Inc Chairman Fujio Mitarai aims to expand the company's medical equipment sales to 100 billion yen ($1.22 billion) by 2015, about three times the current level, he said in a speech on Wednesday.

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The camera and office equipment giant, which last month trimmed its sales forecast for the current financial year to December to 3.71 trillion yen from 3.75 trillion yen, is seeking new growth drivers.

"While strengthening and expanding the existing imaging division, we want to develop medical and industrial equipment and the safety and security sector as new pillars of the business," Mitarai said at an exhibition of Canon's latest technology.

Mitarai, who this year returned to Canon full time after a four-year stint as head of Japan's biggest business lobby, also reiterated his goal of achieving record profit in 2012.

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If measured in terms of operating income, that would mean beating the 2007 figure of about 757 billion yen, compared with the company's forecast operating profit for the year to December of 390 billion yen.

Some analysts have said the 2012 profit target may be difficult to achieve, but Mitarai told Reuters in a September interview he planned to expand the company via mergers and acquisitions.

Canon competes with Sony Corp and Nikon Corp in cameras, and with Ricoh and Xerox in office equipment

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