Camera maker Minolta Co. said Thursday it has established a joint venture with a local company in Shanghai to manufacture and sell optical components such as lenses and viewfinders for compact cameras.
Minolta holds a 70 percent stake in Shanghai Minolta Precision Optics Co., which was established Sept. 4, with the remainder owned by a local camera manufacturer.
Shanghai Minolta will begin production in November and is targeting sales of 5 billion yen in the business year to March 31, 2004.
Minolta currently manufactures its camera components in Malaysia and assembles them in China.
Company officials said that producing the components in Shanghai will reduce costs.