Toshiba Tec, Ricoh Co. Shares Surge as They Mull Merging Office-Printer Business
By Kosaku Narioka
Shares of Toshiba Tec and Ricoh Co. rose sharply early Friday on news that the companies were considering merging their production of office printers.
Toshiba Tec shares were recently 11% higher at 4,235 yen ($30.53) and Ricoh shares were up 6.6% at Y1,123.
The Toshiba Corp. unit and Ricoh said their boards were expected to discuss merging the development and manufacturing of office printers later in the day, but added that nothing had been decided so far.
Statements by the two companies followed reports from Nikkei and other local media that they were setting up a new joint venture in 2024, integrating their production, design and development functions for office printers.
Ricoh plans to take a majority stake in the new joint venture, the Nikkei report said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 18, 2023 22:20 ET (02:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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