Fuji Photo Film Co Ltd, Japan's top photographic film maker, is to invest at least $5.2bn (€4.13bn) in the next three years to shift its focus to digital cameras.
The company aims to boost its net profit to 180bn yen (€1.35bn) the year to March 2009, from the 80bn yen (€0.60bn) expected for the year to March 2004 as a direct result of revamping its corporate structure and cutting costs.
Fuji Photo President Shigetaka Komori said that the rising popularity of digital cameras has forced Fuji Photo to focus on digital products, but that the company will continue film operations for emerging markets such as India and China where demand for conventional cameras is still strong.
The investment should help boost annual digital camera sales from the current 6.2 million units to 13 million units in the year to March 2007, according to the five-year plan.
It will also go toward building factories and expanding sales networks in China, and to explore new business opportunities worldwide.
The world's second-largest photo film maker also aims to cut costs by at least 200bn yen (€1.51bn) by March 2007, he said.
Fuji Film has seen profitability has fall recently with its net profit more than halved in the past year to March to 48.58bn yen (€0.36bn), from 117.9 bn (€0.88bn) two years earlier.