Following its decision to cut down sales forecasts by 5% in October 2008, Canon recently announced that the company will defer the plan of constructing its third digital camera plant worth of 15 billion Yen (US$165.8 million; US$1 = 90.5 Yen) million due to a rapid consumer spending slowdown, the Japan Times reported.

 

Originally planned to be located in Nagasaki Prefecture, western Japan, the plant was slated for construction in January 2009 and to kick off production in December 2010, with an expected annual capacity of four million. However, the company has not made any decision yet on when to resume construction of this plant, according to the same source.