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Ricoh and Ikon unite
Office marriage is official
Thu Aug 28 2008, 15:39
JAPAN’S OFFICE MACHINE maker Ricoh agreed yesterday to buy equipment distributor Ikon Office Solutions.
Ikon was bought for $1.62 billion to enable Ricoh to expand its sales and services operations in the US.
Shannon Cross, an analyst with Cross Research in Livingston said of this deal, "It's a reasonable price, Ricoh gets an expanded US distribution network. There's not another asset like it any more."
Ricoh say that the deal is expected to close in the fourth quarter of this year. µ
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Big blow for Canon and the competition that is. However, Ricoh having also acquired IBM Printing System a couple of years ago will have to start cutting the fat and refcosu before significant results can be noticed. EMEA is also affected by this, it is not a US only acquisition.