Ricoh Company, Ltd., and Toshiba Tec Corporation, two leading Japanese companies in the field of office equipment and other products, have announced the formation of a new joint venture company, ETRIA CO., LTD., that will take charge of the development and manufacturing of multifunction printers (MFPs) and other related products.
The new joint venture, ETRIA, is the result of an absorption-type company split agreement that was signed by Ricoh and Toshiba Tec on February 6, 2024, following the resolution of their respective Board of Directors. Under the agreement, some of the assets and liabilities of Ricoh and Toshiba Tec pertaining to the MFP business will be transferred to ETRIA, which will operate as an independent entity.
According to the notice, ETRIA will have a capital stock of 500 million yen and will be headquartered in Yokohama, Kanagawa, Japan. The representative name of ETRIA will be Katsunori Nakata, who will serve as the President and CEO. The principal business of ETRIA will be the development, production, and sales of peripheral devices and consumables for office machines, industrial equipment, optical equipment, and other products.
The deal is expected to be effective from July 1, 2024, subject to the approval of the relevant authorities and the satisfaction of other customary closing conditions. Ricoh and Toshiba Tec stated that the joint venture will enable them to leverage their respective strengths and synergies in the MFP market, and to enhance their competitiveness and profitability. They also expressed their commitment to continue providing high-quality products and services to their customers through ETRIA.