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Ricoh and Hitachi Sign Agreement
Aug 10, 2004
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Ricoh Co., Ltd. and Hitachi, Ltd. announced that they have signed an agreement to the effect that Hitachi will transfer all its shares of Hitachi Printing Solutions, Ltd., a 100-percent owned subsidiary, to Ricoh. Both companies had agreed on a basic agreement on March 31, 2004.

The main contents of the recent agreement state that Ricoh will acquire 100 percent of Hitachi PRS shares. After the transfer of shares, the contractual relationship between Hitachi and Hitachi PRS will remain unchanged. In addition, after the transfer of shares, the president of Hitachi PRS will be Toshiaki Katayama.

In accordance with this agreement, Ricoh will acquire Hitachi PRS, thus enhancing and expanding its printer business, which the company says is an important pillar of its growth strategy. The company believes the addition of Hitachi PRS will reinforce Ricoh product lines for the office color printer, mission-critical systems, and print-on-demand (POD) markets.

For its part, Hitachi says the agreement with Ricoh is in line with its mid-term business plan. The company says it sees printers as important products for its information and communication systems business and intends to provide its customers with "valued-added solutions, maintaining all the while a strong business partnership with Ricoh."

After the transfer of shares, the new name of the company will be Ricoh Printing Systems, Ltd.

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