Word: minolta
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Dates: during 1980-1989
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From the moment Minolta's sleek Maxxum camera arrived on the market in January 1985, the hot-selling, auto-focusing 35-mm instrument seemed immune to the photographic-equipment industry's usual cutthroat discounting practices. One reason, some consumers claim, is that Minolta coerced its retailers to charge a minimum of $319.95 for the Maxxum and $189.95 for its AF-Tele. Last week John Troncelliti, a suburban Philadelphia barber, filed a national class- action suit against the Japanese manufacturer, charging that it ordered retailers to keep prices high or lose the right to sell Minolta's line...
...Minolta denies the charges, but earlier this month agreed to settle two similar cases filed by the states of Maryland and New York. The company promised as much as $700,000 in refunds to customers in those states...
...lens reflex product to enable people to take high-quality 35-mm pictures with high-technology ease. Now the year-old Maxxum is attracting rivals. Last week Nippon Kogaku (est. fiscal-1985 sales: $940 million), the maker of Nikon, became the first firm to announce a comparable alternative to Minolta's pioneering model. Like the Maxxum, the Nikon N2020 will use two microchips and a tiny motor inside the camera to focus automatically. The camera, which will be priced at about $460 for the body alone when it arrives in U.S. stores in April, will include an optional converter...
...Minolta seemed unperturbed by the Nikon announcement. Said Minolta President Hideo Tashima: "Nikon's move is welcomed, although we expect the competition will intensify. The pie will grow bigger if everyone takes part." The field in fact may soon grow crowded. Canon, Japan's largest camera maker, is expected to introduce a similar 35-mm model later this year. Experts say Olympus and Ricoh are readying their own versions...
...Minolta's head start could prove hard to overcome. "They have a lot of momentum," says Eugene Glazer, a photo-industry specialist for the Dean % Witter Reynolds investment firm. Spurred by the Maxxum, Minolta's profits jumped almost 60% in the first half of fiscal 1985, to $28.5 million. The price of Minolta shares, which are traded on the Tokyo Stock Exchange, has increased about 60% since January 1985. Minolta closed last week at $4.82 a share...