RICOH COMPLETES ACQUISITION OF IKON OFFICE SOLUTIONS, INC.
Tokyo — November 1, 2008 — Ricoh Company, Ltd. (TSE: 7752, "RICOH")(President & CEO: Shiro Kondo) announced that it completed its previously announced acquisition of IKON Office Solutions, Inc. ("IKON") through RICOH's wholly owned U.S. distribution subsidiary, Ricoh Americas Corporation ("RAC") on October 31, 2008 (EST).
1. Acquisition outline
Target:
IKON Office Solutions, Inc.
Acquisition Process:
The transaction was implemented by merging an acquisition
subsidiary wholly owned by RAC, Keystone Acquisition, Inc. with and into IKON.
Post merger, only IKON remains.
Acquisition Price:
U.S. $1.632 billion (approx. JPY 163.2 billion) based on an offer of U.S. $17.25 per share.
*Exchange rate is U.S. $1 = JPY100.00 based on our assumption for the third and fourth quarter.
2. Expected impact on Ricoh consolidated
business results for the year ending March 31, 2009
We expect that revenue will increase
by JPY 143 billion over and above the JPY 2,150 billion projected on
October 28, 2008.
We do not foresee any material impact on operating income, income before income taxes and net income.
*The Company bases the forecast estimates for the fiscal year ending March 31, 2009 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected.
Overview of IKON
| Name of Corporation: |
IKON Office Solutions, Inc. |
| Location: |
Malvern, Pennsylvania USA |
| Year of foundation |
1952 |
| Overview of Business: |
Distribution, support and service of multifunction printers, fax, printers and other office equipment, managed and professional services |
| Fiscal Year End: |
End of September |
| Consolidated Revenue: |
U.S. $4,167 million (Fiscal Year ended September 30, 2008) |
| Consolidated Total Assets: |
U.S. $2,966 million (As of September 30, 2008) |
| Shareholders' Equity: |
U.S. $1,408 million (As of September 30, 2008) |
| Representative: |
Chairman and Chief Executive
Officer Matthew J. Espe |
| Employees: |
Approximately 24,000 (As of September 30, 2008) |
| Locations: |
Over 400 in North America and Western Europe |
Nov. 1, 2008
Ricoh Company, Ltd.
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