Ricoh to acquire IKON Office Solutions

Sep 5, 2008 2:53 PM

Ricoh Company, Ltd. (Tokyo) has reached a definitive agreement with IKON Office Solutions, Inc. to acquire IKON (Malvern, PA) through Ricoh’s wholly owned U.S. distribution subsidiary, Ricoh Americas Corp. The transaction is supported by both Ricoh and IKON and has been approved by the boards of directors of the respective organizations.

Ricoh is a global leader in imaging solutions that has brought to the market innovations such as digitalization, network solutions, and colorization. In the rapidly growing printing and document solution areas, the company’s challenge has been to strengthen its channels for assessing customers’ potential needs and making appropriate proposals based on a customer-driven approach. In the extremely competitive U.S. market, Ricoh is committed to further strengthening its sales and support channels.

As the world’s largest independent channel for document management systems and services, IKON supplies and services a wide range of office equipment in the United States, Canada and Western Europe. With more than 400 sales and service locations, IKON has a long track record with Fortune 500 companies among its customers. Ricoh has been a key supplier to IKON, and the relationship between the two companies has a long history. In addition, IKON also provides professional services and document outsourcing services to a wide variety of customers.

“IKON has terrific strength in areas that complement Ricoh's growth strategy,” says Shiro Kondo, president and CEO of Ricoh Company, Ltd. “IKON has advanced Professional Services capabilities with a long list of satisfied large customers. IKON is respected as well for its production print sales and service expertise. We are excited to add the very experienced IKON management team and the thousands of skilled and dedicated IKON employees to the Ricoh family.”

As a result of the Transaction, Ricoh will combine with IKON’s sales and service network. The Transaction is subject to approval of North American and European antitrust authorities. The parties intend and expect to complete the process during the fourth quarter of 2008.

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