Ricoh to cut 10,000 jobs

COPIER and printer maker Ricoh will cut nearly 10 per cent of its staff to try to boost profits, a move that shows underperforming Japanese companies are stepping up efforts to compete with global rivals.

Ricoh said yesterday the restructuring included slashing 10,000 jobs from its global workforce of 109,000, cutting unprofitable products and consolidating factories.

“The earthquake has ended any lingering complacency at Japanese companies that have been behind the curve in restructuring and in M&A,” said Macquarie’s Peter Eadon-Clarke.

Ricoh is targeting operating profit of 210bn yen (£1.5bn) in the financial year to March 2014, more than triple the 60bn yen it posted in the past year, ending in March, when sales fell four per cent.