IBM to sell control of printing unit to Ricoh
From the Associated Press
IBM Corp. is spinning off its printing division into a new company that Japan’s Ricoh Co. will control. The move is part of IBM’s continuing efforts to pare sideline businesses and focus on more profitable segments of the technology industry.
Ricoh will pay Armonk, N.Y.-based IBM $725 million in cash upfront and an unspecified amount later. Ricoh initially will own 51% of the new company, InfoPrint Solutions Co., and will take full ownership within three years.
