Ricoh, the Japanese technology and office equipment giant, has announced plans to lay off approximately 2,000 employees as part of a significant restructuring effort. This move comes in response to the shrinking market for office printers, driven by the growing shift to digital business models.
The layoffs, which will affect about 3% of Ricoh’s global workforce of 79,544, are expected to be completed by March 2025. The company will offer early retirement to around 1,000 employees in Japan. The restructuring effort, estimated to cost 16 billion yen ($112 million), is aimed at boosting annual profits by 9 billion yen in the next fiscal year.
The decline in demand for office printers has accelerated as companies worldwide embrace digital solutions and remote work models. Ricoh is responding by scaling down its traditional office device business and shifting focus toward helping third-party companies transition to digital processes, including data management and AI-driven technologies.
While Ricoh plans to reduce its involvement in the printer business, it has launched a joint venture with Toshiba Tec Corporation called Etria, transferring 8,400 employees to the new entity focused on developing office printers. This joint venture will not be affected by the layoffs.
The printer industry has faced challenges since the COVID-19 pandemic, with a notable decline in the number of printed pages, even below pre-pandemic levels, as highlighted by HP’s CEO Enrique Lores. Ricoh’s restructuring reflects the industry’s need to adapt to a future dominated by digital solutions and less reliance on paper-based processes.
Ricoh is a Japanese multinational imaging and electronics company. It was founded by the now-defunct commercial division of the Institute of Physical and Chemical Research known as the Riken Concern, on 6 February 1936 as Riken Sensitized Paper. Ricoh’s headquarters are located in Ōta, Tokyo.
