Canon Inc forecast profit gain in 3 years after acquisition of a medical unit from Toshiba

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Japanese camera and printer maker Canon Inc forecast full-year operating profit to climb 11.4 percent, its first rise in three years, bolstered by earnings from a medical equipment unit it bought from Toshiba Corp last year.

The $5.8 billion acquisition of the unit, which makes X-ray scanners and eye examination machines, is part of Canon’s strategy to diversify as demand for its cameras, printers and copier machines wanes amid the spread of smartphones and paperless media, reports Reuters.

A logo of Canon Inc is pictured at the 3D and Virtual Reality Expo in Tokyo

Fourth-quarter operating profit fell 25.1 percent to 80.2 billion yen from a year earlier, hurt after the yen strengthened following Britain’s vote in June to leave the European Union. That was below a consensus estimate of 88.5 billion yen from four analysts.

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