Nikon to close camera factory in China due to rise of smartphones
Japan's Nikon is closing a digital camera factory in China because of the increased competition from smartphones. The global market for compact digital cameras has plummeted to a 10th of its peak within the past 10 years, and Nikon has warned of another sharp drop in the sales of compact cameras this year. The plant employs 2,500 workers. 

TOKYO -- Nikon plans to shutter a digital camera factory in China as increasingly sophisticated smartphone cameras undercut the market for cheaper compact models.

The Japanese precision equipment manufacturer will make an official decision at a board meeting Monday. The Jiangsu plant, which employs some 2,500 workers, turns out entry-level compact digital cameras and interchangeable lenses for single-lens reflex cameras. Some production will be outsourced and Nikon will continue to sell cameras in China, where it controls nearly 30% of the market.