Ricoh reports on future plans
- Ricoh, headquartered Tokyo, Japan, published its Ricoh Group Integrated Report 2020
- president and CEO Jake Yama****a stated: “Slowdowns in office print volumes and falling print volumes are hitting Ricoh hard.”
- “We understand we will not go back, but instead be prepared for a ‘new normal.’”
- “In predicting changes, we started restructuring our business in various ways”
- “will continue to grow out of being an office equipment manufacturer and transform to a digital services company.”
- we transferred the Chinese production of U.S. MFP models to Thailand for two months to reduce our vulnerability to Sino-American trade friction
- “We seek to become a digital services company. This approach will enable us to survive and prosper well into the future by growing out of being an office equipment manufacturer and transforming into an entity that collaborates with customers to create new value and deliver new services”
- Claims to have existing global printer/copier customer base of 1.4 million customers
- “eliminated most of the balance sheet structure and financial stability issues that beset us in the past few years.”
- current emergency cost-cutting initiatives are:reduction of SG&A expenses
furloughs of overseas sales staff
reviews of benefits and allowances for executives and personnel