Ricoh has announced it has reached a decision to sell 66.6 percent of its shares in subsidiary Ricoh Logistics System Co. Ltd. to Korean company SBS Holdings Co. Ltd.
Its remaining one-third share will be transferred to a new joint venture, one-third of which’s shares will then be transferred to Otsuka Corporation.
The transactions, which are subject to regulatory approval, will be completed by the 1st of August and will see Ricoh Logistics System become an equity-method affiliate.
According to a statement from the OEM, it is aiming “to boost the business of Ricoh Logistics System through a partnership with SBS Holdings, enhancing its competitiveness and accelerating its growth through new capital, resources, and expertise.”
It added that following the transactions, “Ricoh Logistics System will continue to handle logistics and other services for the Ricoh Group, Otsuka, and other customers.”
“Ricoh Logistics System and SBS Holdings are extremely complimentary businesses because they both focus on 3PL services,” the statement continued.
The agreement followed a decision by the OEM that by combining the two companies’ networks, customer base, technologies and expertise, “new synergies could be created.”
The mission is partly to create a new third-party logistics conglomerate “with a full range of logistics capabilities,” as well as allowing Ricoh Logisitics System to “progress sustainably” whilst enhancing its corporate value.
Otsuka, which will also benefit from the transactions, is currently Ricoh Logistics System’s second-biggest customer. According to the statement issued, Ricoh agreed to the transfer of shares after reaching the conclusion that “an indirect capital participation would be important to the ongoing development and corporate value growth of Ricoh Logistics System.”
