Ricoh Discloses Sale of Tustin Property

Ricoh Discloses Sale of Tustin Property

Ricoh Discloses Sale of Tustin Property

Ricoh Discloses Sale of Tustin PropertyRicoh subsidiary Ricoh Development of California, Inc. sold the property in Tustin, as part of parent efforts to enhance profitability and streamline operations in the office printing business by consolidating sites.

It is said that the Tustin property was sold at a transaction price of JPY 9.7 billion (US$83.93 million), with a JPY 8.4 billion (US$72.68 million) gain on sale.

Ricoh Development of California concluded the sale contract on September 7, 2021, and transferred the property on October 13, 2021.

“Ricoh 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,” said the spokesman of Ricoh.

To this end, Ricoh’s operating profit for the third quarter, ended December 31, 2021, should reflect a gain on sale of property, plant and equipment of about JPY8.4 billion (US$72.68 million). Ricoh incorporated that amount in the earnings forecast announced on May 7, 2021, for the fiscal year ending March 31, 2022, based on a prevailing asset appraisal.

Management is evaluating the impact on its earnings forecast in finalizing earnings. Ricoh will henceforth promptly announce information subject to disclosure requirements.



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