Canon to invest in new Japanese camera plant

Japan's Canon said on Monday that it would invest 17.4 billion yen (£82m) to build a new digital camera plant in western Japan to meet growing demand.

The announcement comes as little surprise after a source close to the matter said last week that the world's largest digital camera maker planned to construct a 15 billion yen factory in Japan.

The plant, slated to come on stream in December 2009, will have capacity to make four million compact cameras a year, Canon said.

Although Canon initially will make only compact digital cameras at the new facility, it also plans to start manufacturing single lens reflex (SLR) models there in the future.

Canon, which competes with Sony and Nikon in the lucrative SLR camera market, aims to boost its digital camera sales by 20 per cent in 2008 to 29.4 million units.

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