In a statement issued by Ricoh Company, Ltd. declared that its subsidiary sold land and buildings in California.
Ricoh bolstered its return on invested capital approach to managing its business portfolio in adopting a business unit structure. Ricoh Development of California, Inc sold the property as part of its parent’s efforts to enhance profitability and streamline operations in the Office Printing business by consolidating sites.
Land and buildings in Tustin, California were sold for $1.6 million (€2.7 million) and Ricoh Development of California concluded the sale contract on 7 September 2021, transferring the property on 13 October 2021.
In its statement Ricoh added that it did not present this information before because it misunderstood the disclosure standard for transferring the property, plant and equipment of subsidiaries, and is doing so now after this requirement came to its attention while preparing its third-quarter earnings report.
The earnings will be amended accordingly and reflect the gains from the property sale.
