Olympus America

In 1919, Takeshi Yamashita founded Takachiho Seisakusho in Japan with a singular goal: to build microscopes domestically. The company's first microscope, the Asahi, was completed in 1920, marking the start of a long journey in optical technology. By 1936, the company, later renamed Olympus, leveraged its expertise to enter the camera market. The move into consumer products set the stage for global expansion. The company established Olympus America in 1968 to serve the North American market. However, the company's most significant business wasn't cameras, but medical equipment. In 1950, Olympus developed the world's first practical gastric camera, revolutionizing early diagnosis of stomach cancer. This medical division, particularly endoscopes, became the company's primary profit engine, holding a dominant 70% share of the global market. A major turning point occurred in 2011 when the company was engulfed in one of Japan's largest corporate scandals. Newly appointed CEO Michael Woodford, the first non-Japanese person in the role, uncovered and blew the whistle on a massive accounting fraud designed to hide over $1.5 billion in investment losses dating back to the 1990s. The revelation led to the resignation of top executives, criminal charges, and a dramatic fall in the company's stock price. In the aftermath, Olympus initiated a significant restructuring. To refocus on its profitable core, the company sold its well-known but struggling imaging division to Japan Industrial Partners in a deal completed in January 2021. Today, Olympus has divested from its camera and scientific solutions businesses to concentrate exclusively on medical technology, a return to the clinical roots that first brought it success.