JAPAN:CANON TO DELAY TONER CARTRIDGE PLANT DUE TO SLOWDOWN

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JAPAN:CANON TO DELAY TONER CARTRIDGE PLANT DUE TO SLOWDOWN

 user 2008-11-19 at 12:52:09 pm Views: 54
  • #20711
    http://www.reuters.com/article/marketsNews/idUST29596620081118
    Canon to delay toner cartridge plant due to slowdown

    TOKYO,
    Nov 08- Japan’s Canon Inc  said on Tuesday it will delay the
    construction of a $1 billion toner cartridge components plant in Japan
    by six months as the global downturn hits sales and usage of office
    equipment.Canon, which competes with Xerox Corp , Ricoh Co Ltd  and
    Konica Minolta Holdings Inc in copiers and printers, now plans to start
    building the plant in western Japan in June 2009 with production due
    from March 2010.

    A Canon spokesman said, however, its plan to
    spend 60 billion yen ($621 million) or more to build a toner cartridge
    plant in the U.S. state of Virginia and start output there in December
    2009 remains on track.Consumable items such as toners and related
    services are an important source of profit for office equipment makers
    as they generally fetch high margins and provide a constant revenue
    stream.

    Canon, the world’s largest digital camera maker ahead of
    Sony Corp , last month cut its annual outlook, predicting its first
    profit decline in nine years as the economic slowdown drives up the yen
    and hurts copier and camera sales.Shares in Canon were down 2.9 percent
    at 2,850 yen in afternoon trade, underperforming the Nikkei average
    .N225, which was down 2.1 percent.