Canon

Areas of activity

As of January 2019, Canon's operations are divided between three main divisions:

• Office (MFP, printers, document management solutions) - See Canon printers;
• Imaging System (digital photos and video cameras, interchangeable optics, inkjet printers, scanners, projectors, calculators);
• Industry and Others (semiconductor and medical equipment, micromotors, document scanners, network cameras).
• Medical System Business.

Fleet Analytics and Optimization

• Building print policies
• Implementing Secure Printing
• Enlargement of equipment in offices, remote control over equipment, including outside the corporate network
• Automated control of printing in FT
• Outsourcing - implement a single cost per print, transfer all printing costs from CAPEX to OPEX

Canon's print outsourcing is...

• Transparency of monthly printing costs allows you to significantly reduce printing costs as soon as possible
• Fixed Print Costs Make It Easy For You To Plan Printing Costs
• Freeing employees from non-core tasks. We have mentioned above that employee costs are a serious expense to the company.
• You receive monthly detailed print cost reports for each department, department, and even employee
• Outsourcing of printing allows you to abandon investments related to the purchase and constant maintenance of printing equipment
• You only pay for the number of prints you've made in a month; do not keep equipment on balance sheet
• Service with the use of ITIL techniques, remote services, fixed SLA, with the ability to service a multi-tender fleet

Canon in Russia

Canon is represented in Russia by Canon Ru, which is owned by Canon Europe, whose head office is located in London. In addition to the central office in Moscow, Canon Ru has an office in St. Petersburg, as well as representative offices in a number of regions of Russia.

The main activity of Canon Ru is the delivery of the entire range of Canon equipment to Russia, marketing support for the brand, as well as the sale of equipment imported into Russia.

Since the beginning of 2010, Canon Ru has been the only importer of Canon equipment in Russia.

2019: Revenue growth by 11.5% to RUB 12.3 billion

At the end of 2019, Canon Ru LLC took 18th place in TAdviser Ranking: the 50 most profitable representative offices of foreign IT companies in Russia. The company's revenue for 2019 amounted to 12,336,231 thousand rubles, which is 11.5% higher than in 2018.

2018: Revenue - RUB 11.06 billion

The revenue of Canon Ru LLC at the end of 2018 amounted to 11,060,564 thousand rubles.

History and Performance Indicators

2022: Appointment of Marina Stepanova as Head of Canon's Russian Office

In November 2022, the Japanese manufacturer of photographic equipment and optical equipment Canon appointed Marina Stepanova as the head of Canon RU, who replaced Peter Saak, who had served as general director since the beginning of 2020. Read more here.

2021

Revenue growth by 11.2%, to $30.55 billion, profit by 157.7%, to $1.87 billion

Canon completed 2021 with revenue of 3.51 trillion yen ($30.55 billion - the dollar equivalent is indicated in the company's statements) revenue, which is 11.2% higher than the previous year.

Canon's largest business remains tied to the development and sale of printing machinery. At the end of 2021, this direction brought the company 1.94 trillion yen in revenue, which is 7.4% more than a year earlier. It follows from the financial report that in 2021 the company increased sales of office printers and MFPs by 4.7%, to 757.1 billion yen. In the consumer segment, revenues grew even more - by 7.4%, to 892.5 billion yen, and sales of industrial printing equipment increased by 15.4%, to 289.2 billion yen.

The division for the production of photo and video cameras registered a 20.7 percent increase in turnover, up to 653.5 billion yen. Digital cameras themselves added 433.1 billion yen to the manufacturer's turnover (+ 24.6% by 2020), and network cameras and other products developed by the division - 220.4 billion yen (+ 13.8%).

Sales of medical systems during this time increased by 10.2%, to 480.36 billion yen. The volume of industrial equipment business rose by 18.2%, to 545.74 billion yen. This also includes the remaining (small) sources of income. The implementation of lithographic equipment used in the production of chips increased by almost 50% and reached 213.7 billion yen.

In terms of countries, Japan still generates the majority of Canon's revenue. In 2021, it amounted to 830.38 billion yen, which is 3% more than in the same 2020. In the countries of the Americas, the company's revenues increased by 13.7% (to 968.84 billion yen), in Europe - by 12.5% (to 894.9 billion yen), in Asia and Oceania - by 16.1% (to 819.24 billion yen).

Canon's net profit at the end of 2021 increased by 157.7% and amounted to 214.7 billion yen ($1.87 billion).^[1]

EOS Series SLR Suspension Plan

Canon intends to abandon the development and production of EOS series SLR cameras. The last model will be the Canon EOS-1D X Mark III. This became known on December 29, 2021 from the words of Canon Executive Director Fujio Mitarai.

Fujio Mitarai did not announce the exact timing of stopping the production of "mirrors," but stressed that this will happen over the next few years.

According to him, the needs of users are shifting towards a segment of mirrorless cameras equipped with an electronic shutter, which works silently. At the same time, there is still demand for SLR cameras, and Canon intends to meet it.

According to Statista, SLR camera shipments worldwide declined from 16.2 million to 2.38 million between 2012 and 2020^[2] legendary ^[3].

2020

Medical Diagnostic Imaging Device Market Share - 9.7%

At the end of 2020, Canon occupied 9.7% of the global market for medical devices for diagnostic imaging (British Evaluate data). Read more here.

Revenue decline of 12.1%, to 3.16 trillion yen, profit - 83.3 billion yen

In 2020, Canon generated a total of 3.16 trillion yen, down 12.1% from a year ago figure of 3.59 trillion yen.

Canon's largest business remains tied to the development and sale of printing machinery. In 2020, this direction brought the company 1.44 trillion yen, which by 18% does not reach the result of the previous year. Sales of MFPs during this time decreased by 21%, to 510 billion yen, and in the category of laser printers, turnover decreased by 19.6%, to 504.9 billion yen. MFP supplies for black and white and color printing at Canon sank 18% and 15%, respectively.

In the direction of the production of photo and video cameras, a 12 percent decline in turnover was registered, to 712.2 billion yen. Sales of medical systems during this time decreased by 0.6%, to 436.1 billion yen. The volume of industrial equipment business decreased by 4.9%, to 654.8 billion yen. This also includes the remaining (small) sources of income.

Canon's net profit at the end of 2020 reached 83.3 billion yen, having decreased by a third compared to the profit of 2019, equal to 125 billion yen. Both the company's revenue and profit were above its own expectations. Strong demand for Canon's latest mirrorless cameras, especially in China, contributed to the higher numbers. The company noted that 2020 turned out to be difficult for her, since production difficulties arose due to the COVID-19 coronavirus pandemic.

Profit in the office printers and MFP market in 2020 decreased by 50.7%, to 81.4 billion yen. In the division for the production of cameras, there was a 49.1 percent increase in profit, which ultimately amounted to 71.8 billion yen. In the medical products market, Canon's profit decreased by 5.6%, to 25.2 billion yen. Profits from sales of industrial equipment fell by almost a third, to 13.2 billion yen.^[4]

Blocking servers with a ransomware virus. Theft of 10 TB of user data

On August 5, 2020, it became known about the ransomware virus attack on Canon. Hackers stole 10 TB of data, stopped dozens of American Canon servers, as well as the company's internal corporate platforms.

According to BleepingComputer, the attack on Canon began on July 30, 2020 with a malfunction of the company's cloud service, which eventually led to a shutdown. Moreover, the company is experiencing numerical system failures that affect Canon's internal corporate sites, a mail service, and a communication channel on the Microsoft Teams platform. At least 20 Canon online resources turned out to be inoperable. When trying to enter the affected sites, the user encounters the so-called "stub," which informs that the resource is under maintenance.

The attack on Canon was carried out using the Maze ransomware virus. Hackers of this group deny information about the attack on image.canon, but confirmed the hacking of all other services. Attackers stole 10 TB of data, including confidential information. All stolen data and its backups are encrypted. Canon will be able to restore access to files only with the help of a decryptor, which it can receive if it agrees to pay a ransom. After paying the ransom, the attackers promise to delete all stolen files from their media. If Canon refuses to do this, then Maze is ready to publish the stolen data on its resource on the dark web. The amount of ransom demanded by hackers is unknown.

The Maze group also claimed responsibility for attacks on services of other large companies, including LG, Xerox, Conduent, MaxLinear, Cognizant, Chubb, VT San Antonio Aerospace, City of Pensacola, Florida and others.^[5]

2019: 9.1% drop in revenue to 3.6 trillion yen

Canon ended 2019 with sales of 3.6 trillion yen (about $33.05 billion at the average exchange rate for 2019), which is 9.1% less than a year earlier.

Revenue in the printing equipment division reached 1.7 trillion yen in 2019, down 5.8% from a year ago. In the camera-related direction, a 16.8 percent decline in sales was recorded, to 807.4 billion yen. In the medical device market, Canon's revenue increased 0.2% to 438.5 billion yen.

Canon's net profit in 2019 decreased by 50.5% compared to the previous year and amounted to 125.1 billion yen ($1.15 billion). The company notes that its revenue and profit did not reach their own expectations due to the fact that the global economic downturn was stronger than predicted, which hit the markets for the presence of the Japanese manufacturer.

The Canon report said the fall in the digital camera and laser printer markets in 2019 has intensified as the global economy slumps. Directly on the company's revenue - its decline - was influenced by the reduction in customer costs of the Industry & Others division. In it, annual revenue decreased by 12.5% (to 737.9 billion yen), and profit - by 72.2% (to 15.5 billion yen).

Profit in the Canon-branded printer and MFP division turned out to be 168.9 billion yen in 2019, down 23.5% compared to 2018. The division, which specializes in the sale of photo and video cameras, showed a 62 percent decline in profit, to 48.2 billion yen.

As for medical equipment, Canon's profit here amounted to 28.8 billion yen, down 7.3% compared to 2018. Thus, profits fell in all divisions of companies, which led to a drop in consolidated profits.^[6]

2018

3.1% drop in revenue to 3.95 trillion yen

In 2018, Canon's revenue amounted to 3.95 trillion yen ($36.38 billion), which is 3.1% less than the previous year and does not reach the company's own forecast (4 trillion yen).

Most of Canon's turnover is still in printing machinery. Sales in the corresponding division in 2018 remained at the level of 2017 - about 1.8 trillion yen.

In the direction of Imaging System, which is responsible for the production of digital cameras, scanners and projectors, revenue of 1 trillion yen was registered, which is 11.3% less than a year ago.

The volume of the medical business in 2018 grew slightly - by 0.3% and amounted to 437.6 billion yen. Sales in the division of Industry and Others, which oversees the production of semiconductor solutions, network cameras and some other products, in 2018 turned out to be 805.2 billion yen. This is 1.6% more than in 2017.

As for Canon's net profit, in 2018 it amounted to 252.8 billion yen ($2.33 billion), adding 4.5% compared to the previous year.

In the printer division, profits were 220.8 billion yen, which is 16.7% higher than a year ago.

Imaging System's profit collapsed 32.6%, to 117 billion yen, and in the medical business, by contrast, it jumped 31.4% to 28.8 billion yen. Earnings at Industry and Others reached 65.5 billion yen (up 60.9% from 2017).^[7]

According to Nikkei, key products such as digital cameras and printing equipment brought Canon about 80% of its profits in 2018. Over the past 10 years, the Japanese manufacturer has spent more than 1 trillion yen on the purchase of companies in the markets of medical devices, video surveillance cameras, commercial printers, etc. From these acquisitions, Canon received new sources of revenue, however, these transactions did not significantly contribute to the company's profits by 2018.

Enter the full-frame mirrorless camera market

On September 5, 2018, Canon announced its first full-frame mirrorless camera. The range of the Japanese manufacturer has been expanded by the professional model EOS R. More details here.

Leaving the film camera market

In late May 2018, Canon announced its withdrawal from the film camera market to fully focus on digital technology.

Canon's latest film camera - the EOS-1v model - is no longer for sale. Its production ended back in 2010, and it took the company another eight years to sell off stocks of obsolete devices. EOS-1v began to be produced in 2000.

The film DSLR EOS-1v belongs to the fifth generation of Canon professional cameras. At one time, it was the fastest among film cameras with a movable mirror. The achievement was beaten in 2007 by the Nikon D3, which shoots 11 frames per second. The design of the EOS-1v case served as the main one for other Canon cameras, in particular the EOS-1D and EOS-1Ds series.

Despite the removal of film cameras from the range, Canon will continue to service such products until October 31, 2025. At the same time, repairs may be refused as early as 2020 if the manufactured parts are completed.

Meanwhile, some of Canon's competitors continue to sell film cameras. Thus, the company Nikon still offers F6 and FM10 models, the cost of which is 2670 and 570 dollars , respectively.

In addition, a number of manufacturers, such as Kodak and Polaroid, produce film cameras that print pictures immediately after shooting. Among photography lovers, there are quite a few people who prefer classic analog devices to more modern digital solutions.

The first Canon RC-701 digital camera was presented to the public back in 1984. Since then, the company has begun to focus on this particular market segment instead of classic cameras designed to use photographic materials with a chemical method of recording images.^[8]

Successes in Kazakhstan

Thus, according to Info Source, IDC and internal calculations of the company, Canon in Kazakhstan has taken the leading position in sales in units over the past year in such categories as office copying machines, scanners, large-format printers, consumer MFPs and SLR cameras^[9].

2017: First profit growth in 3 years

On January 31, 2018, Canon published its financial statement for the 12-month period ended December 31, 2017. The rise in all major business areas, including the production of office equipment and digital cameras, allowed the company to increase annual sales and net profit.

At the end of 2017, Canon's net profit reached 241.9 billion yen ($2.22 billion at the exchange rate as of January 31, 2018), which is 60.6% more than an year ago. According to Nikkei, Canon registered positive dynamics in net profit for the first time in three years.

Japanese The vendor also reported an increase in annual revenue by almost 20%, to 4.08 trillion yen (36.8 billion). dollars The Nikkei noted that Canon's sales exceeded the 4 trillion yen mark for the first time in 9 years.^[10]

Canon's leading divisions - Office and Imaging System, in which the company produces printing equipment, cameras, scanners and inkjet printers - showed progress in 2017.

Revenue in the office equipment business rose 3.2% to 1.87 trillion yen ($17.2 billion), and profit increased 6.6% to 180.6 billion yen (about $1.7 billion)

In the division responsible for digital cameras, sales grew by 3.7%, to 1.14 trillion yen ($10.4 billion). Due to the increased interest in mirrorless models, Canon's revenues in the Imaging System, where regression was previously observed, increased by 22%, to 175.9 billion yen ($1.6 billion).

Canon also contributed to its financial successes by the Medical System Business division, which included Toshiba's former business of producing medical devices such as tomographs. Canon acquired it from Toshiba in December 2016 for 665.5 billion yen and renamed it Canon Medical Systems. Revenue here amounted to 436.2 billion yen ($4 billion), and profit - 22.5 billion yen ($206.5 million).

In addition, as part of Industry and Others, which covers the production of lithography equipment and network cameras Axis, Canon received revenue of 731.7 billion yen (6.7 billion) and a profit of 49.3 billion yen ($453 million).^[11]

2016: Falling revenues due to weak sales of printers and cameras

Canon's financial statement for the previous year was released on January 31, 2017. Weak sales of office equipment and cameras brought down the revenues of the Japanese company.

According to the results of the 12-month reporting period, closed on December 31, 2016, Canon's revenue amounted to 3.4 trillion yen ($30 billion), which is 10.5% less than a year earlier. Operating profit decreased by 35.6% to 228.9 billion yen ($2 billion), and net profit decreased by 31.6% to 150.7 billion yen ($1.3 billion).

Canon's two largest divisions - Office (printing equipment, except inkjet printers) and Imaging System (cameras, scanners, inkjet printers) - showed a tangible decline in 2016: Office revenue decreased by 14.4% to 1.8 trillion yen ($15.8 billion), and Imaging System sales decreased by 13.3% to 1.1 trillion yen ($9.7 billion).

Operating profit in the office equipment division decreased by 42%, amounting to 169.5 billion yen ($1.5 billion) in 2016. In the division responsible for digital cameras, operating profit decreased by 21.3% to 144.4 billion yen ($1.3 billion).

Most of the income (36%) in the Office group is formed by printers. The shares of black and white and color copying equipment were 16% and 22%, respectively. In the Imaging System structure, almost all revenue is distributed between cameras (60%) and inkjet printers (31%).

Canon's report said sales of the company's compact cameras and inkjet printers declined in 2016 amid falling markets overall. The implementation of interchangeable lens cameras has increased due to strong demand for the EOS-1D X Mark II and EOS 5D Mark IV models.

In 2016, Canon's operating profit fell for the second time in a row. In 2017, the company expects profits to return to growth thanks to revenues from Toshiba's medical business, bought for $5.8 billion.^[12]

2015

14% profit drop

In late January 2016, Canon released its financial report for the year. The company's profit fell nearly 14% due to weak camera sales and economic problems in China.

In the 12-month reporting period ended December 31, 2015, Canon's net profit was 220.2 billion yen ($1.86 billion) against 254.8 billion yen ($2.15 billion) a year earlier. Operating profit during this time decreased not so much - by 2.3% to 355.2 billion yen ($3 billion). The company's revenue rose 2% to 3.8 trillion yen ($31.1 billion).

One of the reasons for Canon's financial downturn was the slowdown in the Chinese economy, which, as noted in the company, forces to invest additional money in business development in the country, and is also reflected in the economies of developing regions (India, Southeast Asia, etc.), which depend on the PRC and suffer from lower resource prices.

Economic difficulties in emerging markets are weakening sales of digital interchangeable optics cameras and compact cameras. Demand for the latter is also declining due to the fall in the market as a whole, Canon said in a statement.

In the Canon division responsible for the production of digital cameras, revenue in 2015 decreased by 6%, amounting to 1.26 trillion yen ($10.6 billion). Operating profit also fell - by 5.7% to 183.4 billion yen ($1.6 billion).

Most of Canon's revenues are generated by printing and copying equipment, which in 2015 brought the Japanese vendor 2.1 trillion yen ($17.2 billion) in revenue, which is 1.5% more than a year earlier. Operating profit in this business fell 0.5% to 299.6 billion yen ($2.6 billion). The company notes that in 2015, sales of inkjet and laser printers decreased, and expects to restore demand for corporate printing devices in 2016.

In 2016, Canon expects a net profit of 230 billion yen ($2 billion), which is 4.4% more than in 2015, and also predicts sales growth of 1.3% to 3.85 trillion yen ($31.4 billion).^[13]

Canon buys Axis for $2.8bn

On February 10, 2015, it was announced that the manufacturer of network equipment for IP video surveillance systems, Axis Communications, was sold to Canon. The transaction cost amounted to 23.6 billion Swedish crowns (about $2.8 billion).

For the acquisition of Axis, which turned out to be the largest in Canon's history, the Japanese vendor will pay 340 kronor per share of the Swedish company, which is 50% more than the exchange value of Axis securities at the close of trading in Stockholm on February 9, 2015. Canon's proposal was unanimously supported by Axis's board of directors.

2014: Record gains in yen

In April 2015, a report on the company's activities for fiscal year 2014 appeared on Canon's official website. Due to cost optimization and favorable currency fluctuations, the Japanese manufacturer of office and photographic equipment was able to increase profits by 10.5%. The vendor's revenue did not fall due to the growing demand for printing equipment.

According to the results of the 12-month reporting period, closed on March 31, 2014, Canon sales amounted to 3.7 trillion yen ($30.8 billion), which is approximately the same as a year ago. The company's net profit reached 254.8 billion yen ($2.1 billion) against 230.5 billion yen ($1.9 billion) a year earlier. Operating profit for this period rose 7.8% to 363.5 billion yen ($3 billion).

Canon's profit was the most since 2008

Canon notes that operating and net income were the largest after the global financial crisis in 2008 and showed the second consecutive growth in annual terms. This has been helped by cost-cutting measures and a weak yen that makes Japanese goods more accessible to foreign buyers and boosts exporters "profits as they repatriate their overseas earnings home. Canon generates more than 80% of its revenue overseas.

The main stimulant of Canon's revenue growth in 2014 was printing devices, sales of which amounted to 2.1 trillion yen ($17.5 billion), an increase of 3.9% on an annualized basis. Operating profit in the corresponding division jumped 9.4%, amounting to 292.1 billion yen ($2.4 billion), which was facilitated by strong demand for laser printers and MFPs.

In decline is the Imaging System division, responsible for the development and sale of digital cameras, projectors, scanners and some printers (for inkjet, widescreen and photo printing). Its annual revenue fell 7.3% to 1.34 trillion yen ($11.2 billion), and operating profit - 4.5% to 194.6 billion yen ($1.6 billion).

In 2014, Canon-branded compact digital camera sales fell 32% to 9.03 million units. On the market of devices with interchangeable optics, there was a decline of 17%, and the number of products sold here was measured at 6.4 million units. In 2015, the company predicts sales of these cameras at 7.8 and 6.4 million units, respectively.^[14]

2012

In January 2012, Canon announced the departure of 70-year-old Tsuneji Uchida as chief executive officer of the company. He left his position on March 29, 2012. His place was taken by 76-year-old Fujio Mitarai, who had previously served as head of the Canon board. Utida remained with the company as an adviser.

The resignation was announced along with Canon's results for the 2011 fiscal year ended December 31, 2011. The revenue of the world's largest camera manufacturer decreased by 4% to 3.56 trillion yen ($46.4 billion). Net profit remained almost unchanged, amounting to 248.6 billion yen ($3.2 billion) compared to 246.6 billion yen in 2010.

2010

4th in the number of patents in the United States

• In 2010, the company invested in R&D about 8.5% of annual sales profits worldwide.
• Canon ranked 4th in the number of patents registered in the United States
• Canon entered the top ten in the number of patents received in the United States since 1984 (over a 27-year period)
• Canon entered the top five in the number of patents received in the United States from 1992 to 2010 (over a 19-year period)
• In the previous 24 years, Canon was among the top three in the number of patents registered in the United States 21 times.
• In 2010, Canon was ranked 7th in Fortune magazine's 500 Best Companies in the World (Computers and Office Appliances category).

In 2010, Canon Europe holds Canon EXPO 2010 in Paris, an exclusive exhibition of innovative solutions of the present and future. In August 2010, the company announced that it had developed an APS-H CMOS matrix of size and a resolution of about 120 Mpixels.

Canon - No. 1 in the camera equipment market

As of 2010, Canon is the world leader in the camera market with a market share of 19%, followed by Sony (17.9%) and Nikon (12.6%).

In the digital SLR camera market, this brand is also the first with a 44.4% share, followed by Nikon (29.8%) and Sony (11.9%).

1970-2000s: Strengthening positions

The technical industry was rapidly developing and in all its areas was present in the leading roles of Canon. In 1974, communication devices were invented, in 1975 a laser printer was developed, which became the basis for printers from Apple and Hewlett-Packard (HP).

In 1981, Bubble Jet inkjet printing technology was developed.

In 1983, Canon Bretagne S.A. was established in France.

In 1987, the Canon Foundation was established, the task of which is to promote mutual understanding between Europe and Japan.

In 1990, the creation of Canon Information Systems R&D Europe Ltd. (later Canon Research France S.A.S)

In 1999, Canon was chosen to create lenses for the SUBARU telescope in Hawaii.

In 2001, Canon Europe Ltd., the corporation's strategic headquarters in Europe, was established in London, operating alongside Canon Europa N.V.'s headquarters in the Netherlands.

In 2004, Canon Europe's revenues accounted for the largest share - about a third - of total Canon Group revenue.

In 2005, Canon EXPO in Paris showcases Canon's innovative technologies that shape the development of the business environment and visual communication.

Canon Europe celebrates its 50th anniversary in Europe at the Grimaldi Forum in Monaco in 2007.

In 2009 - Canon celebrates the 50th anniversary of SLRs (SLRs)

1957: Expansion into Europe

The corporation did not limit itself to leadership in the production of cameras and in 1956 released the Canon Cine 8T movie camera and in 1958 the Canon Projector P-8 movie projector. Strengthening its position in the photo industry, the corporation simultaneously developed other areas and a dealer network.

In 1957, Canon Europa, an exclusive European distributor, was incorporated in Geneva.

In 1968, the opening of Canon Business Machines Sales, Inc. and Canon Amsterdam N.V. (later Canon Europa N.V.)

By 1970, the corporation had its representative office in Europe, Latin America, the USA, Taiwan, several subsidiaries and mastered the market for photo and film products, personal calculators and copying equipment.

In 1972, Canon Giessen GmbH, Canon's first European production facility, began operations in Germany.

1945: Reopening after the war

The war made negative adjustments to the development of the company, but on October 1, 1945, the corporation again set to work, releasing the Canon SII camera in 1946, which was sold out with excitement by officers of the occupation forces. In order for the name of the company in the world to be associated with the name of the cameras, the corporation was renamed Canon Camera Co. Inc. The company's products began to be sold for export and participate in exhibitions, so in 1949 at the exhibition in San Francisco (USA) the Canon IIB camera received the first prize.

1937: Precision Optical Industry Founded

The laboratory produced only 10 cameras per month, sometimes only one could be made per week. To expand production, funds were needed and it was decided to attract investors by corporatizing the company. On August 10, 1937, Precision Optical Industry Corporation, Co., Ltd. was founded with an authorized capital of 1 million yen. Since 1939, Canon began to use its own optics in manufactured devices.

1936: State Expansion, Plant Construction Begins

The laboratory hired more employees, moved to another building, began construction of its own factory, and was renamed in 1936 as Japan Precision Optical Instruments Laboratory, Co., Ltd.

1935: Canon Trademark Registration

A year later, on June 26, 1935, Utida registered the Canon trademark and logo. Unlike the religious Yoshida, he wanted to give the cameras a more sonorous and modern name. One of the main meanings of the word can be called the "standard" that the company strives for when creating its products.

A little later, in the October and December issues of "Asahi Camera," an advertisement for the Hansa Canon camera was published. Since the laboratory itself did not yet have a well-known name, exclusive rights to sell were transferred to Omiya Shashin Yohin Co., Ltd. and the Hansa prefix, a trademark of this company, appeared in the name of the camera.

The camera cost 275 yen, which was almost half the cost of Leica cameras

1934: Creating the first camera

                                        Leica camera

In 1934, they managed to create the first Japanese 35-mm chamber with a slotted shutter of the Leica type. As a believer, Yoshida named the camera "Kannon" in honor of the Buddhist goddess of mercy. In the June issue of Asahi Camera magazine, an announcement about Kwanon cameras was posted. Of the ten cameras produced, none hit the market.

1933: Foundation of the Optical Laboratory

The company traces its history to the founding of an optical laboratory in 1933, which occupied one room on the 3rd floor of the Takekawaya Building in Tokyo. The laboratory was opened jointly by two young people: Goro Yoshida, and his son-in-law Saburo Utida. Her task was to produce high-class cameras, no worse than German models, which at that time were the most advanced. They began to study the mechanisms of existing cameras. These studies were sponsored by Takeshi Mitarai, a close friend of Uthida, who later became president of the company.

The company was named after the Buddhist goddess of mercy Kannon (aka bodhisatva Avalokiteshvara).

Notes