DANKA SELL EU. DIVISION TO RICOH..$210MIL

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DANKA SELL EU. DIVISION TO RICOH..$210MIL

 user 2006-10-16 at 11:04:00 am Views: 57
  • #16777

    Danka sells European division
    October
    2006 — St Petersburg (FL): Danka Business Systems is to sell its
    European business to Ricoh Europe for $210 million in cash.

    Danka
    chairman and CEO AD Frazier said: “The sale to Ricoh of our mature and
    successful Europe-based operations, which represents roughly half of
    our current total sales and operating profit, is a major step forward
    in our previously announced plan to release value through selected
    asset sales. The proceeds from the sale will help reduce indebtedness
    and enable us to focus on our US-based business where we believe the
    growth opportunities are substantial.”Shiro Sasaki, Ricoh chairman and
    CEO, said: “By acquiring Danka Europe, the Ricoh Group in Europe will
    be able to retain and expand its presence in Europe, and reinforce its
    sales and service network. The Ricoh Group in Europe will further
    promote business in high volume products, strengthen major account
    sales, and acquire further Total Document Volume.”The transaction is
    expected to complete by the end of the year.