Ricoh Completes Acquisition of IKON Office Solutions

Ricoh Company, Ltd. (TSE: 7752, "RICOH" President & CEO: Shiro Kondo) today announced that it has completed its previously announced $1.6 billion acquisition of IKON Office Solutions, Inc. through RICOH's wholly owned U.S. distribution subsidiary, Ricoh Americas Corporation. As a result of the merger, IKON is now a wholly owned subsidiary of Ricoh Americas Corporation.

The transaction was approved by IKON shareholders at a special meeting held today. Pursuant to the merger agreement, former shareholders of IKON will receive $17.25 in cash for each share of IKON common stock. IKON stock will cease to trade on the New York Stock Exchange as of market open November 3, 2008.

Through this acquisition, RICOH will strengthen its business infrastructure in the U.S., Canada and Europe by combining with IKON's strong sales and service network. RICOH also will gain access to IKON's extensive customer base, which includes major and national account customers, as well as government and public sector customers. This acquisition represents another significant step in RICOH's integrated global growth strategy.

Ricoh Company, Ltd. is a global leader in imaging solutions that has brought to the market innovations such as digitalization, network solutions and colorization. In the rapidly growing printing and document solution areas, RICOH continues to strengthen its channels for assessing customers' potential needs and making appropriate proposals based on a customer-driven approach. In the extremely competitive U.S. market, Ricoh is committed to further strengthening its sales and support channels, and delivering real enhanced value to all its customers.

IKON, a Ricoh company, sells and services a wide range of Ricoh office equipment, such as multifunction products (MFPs), fax machines and printers, in the U.S., Canada and the Western European markets. With more than 400 sales and service locations worldwide, IKON has a long track record with Fortune 500 companies among its many customers. In addition, IKON provides professional services and document outsourcing services to a wide variety of customers across numerous markets and industries. RICOH has been a key supplier to IKON for many years, and the relationship between the two companies has a long and successful history.

Source: Ricoh