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Ricoh and Hitachi Sign Agreement on Ricoh's Acquisition of Hitachi Printing Solutions, Ltd.

10 Aug, 2004

Ricoh and Hitachi Sign Agreement on Ricoh's Acquisition of Hitachi Printing Solutions, Ltd.

Ricoh Co., Ltd. and Hitachi, Ltd. announced that the two companies 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. Details are as follows:

1.  Ricoh will acquire 100 percent shares of Hitachi PRS.

2.  After the transfer of shares, the contractual relationship between Hitachi and Hitachi PRS will basically remain unchanged.

3.  After the transfer of shares, the president of Hitachi PRS will be Mr. Toshiaki Katayama.

In accordance with this agreement, Ricoh will acquire Hitachi PRS, thus enhance and expand printer business, which is an important pillar of its growth strategy. The participation of Hitachi PRS in the Ricoh group will reinforce Ricoh product lines for the office color printer, mission-critical systems and POD, or print-on-demand, markets. Through these initiatives, Ricoh will optimize "Total Document Volume" as the strategic objective of its imaging solutions business. Also, by adding the IT sales channels of Hitachi PRS to its conventional PPC/MFP sales channel, Ricoh can expect the synergy effect to expand printer business.

Hitachi, for its part, is making every possible effort to ensure that all its businesses win in the global marketplace in accordance with its mid-term business plan: "i.e.HITACHI Plan II." This agreement was made within the context of this plan. Hitachi sees printers as important products for its information and communication systems business and intends to provide its customers with even higher valued-added solutions, maintaining all the while a strong business partnership with Ricoh.

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

    1.  Corporate profile of Hitachi PRS Hitachi Printing Solutions, Ltd.

(1)Name        (Will be changed to Ricoh Printing Systems in October 2004)

(2)President    Toshiaki Katayama President and Chief Executive Officer

(3)Address      15-1, Konan 2-chome, Minato-ku, Tokyo, Japan

(4)Date of      October, 2002 incorporation

(5)Business     Printers and related equipment, software content development, product development, design, production and marketing

(6)Fiscal       March 31 year-end

(7)Number of    820 (Group 2,200) as of March, 2004 employees

(8)Capital      5,000 million yen (Number of shares held stock 100,000)

(9)Net sales    About 60,000 million yen (fiscal year ended in March 2004)

2.  Changes in share holding ratios

Current                     Ricoh   0%            Hitachi 100%

After the transfer (plan)   Ricoh 100%            Hitachi   0%

3.  Schedule

Scheduled transfer of shares: October 2004

4.  Influence on Ricoh and Hitachi consolidated financial figures

Ricoh will announce it at the time when the forecast for the latter half of fiscal 2004, ended on March 31, 2005, is released. Influence to Hitachi is rather limited.


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