Japanese office equipment manufacturer Canon Inc. has bucked the trend of IT companies shipping its development overseas to countries like India by setting-up shop in its own back-yard. The company announced this week it is investing a whopping $229 million to build a research and development facility at its Tokyo headquarters.
The planned 43,000 square foot center will consolidate Canon’s technology, leading-edge, and platform development functions. It is expected to be complete by March 2005.
The facility will be home to around 1,200 researchers and developers. The primary focus will be on biotechnology and developing its market leading line of office copiers.
Canon is the world’s leading maker of office automation hardware and is now starting to grow its presence in the consumer digital camera market. Canon says it pumps over $2 billion into research and development annually.