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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.
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