Friday, November 14, 2008
Canon will Acquire US Office Equipment Dealers
Stop the presses, hold all of the merger deals and acquisitions. Seems Canon is going to be throwing some money around to buy dealers! So where will they go, major market, secondary markets. Is your dealership now worth more, since Canon has announced it needs to make acquisitions??
Here's the Press Release:
Friday November 14 2008 TOKYO, Nov 14 (Reuters) - Canon Inc, the world's largest digital camera maker, said it will pursue acquisitions of office equipment distributors and strengthen its direct sales network in the United States after a key distributor was bought by rival Ricoh Co Ltd.
Canon Managing Director Masahiro Osawa also told Reuters in an interview that the company needed to review its target for calendar 2010 due to drastic changes in the economy.Canon has said it aims for 6 trillion yen ($62 billion) in sales and a net profit margin of 10 percent or more in 2010.Earlier this year Ricoh acquired U.S. office equipment distributor Ikon Office Solutions for $1.6 billion, dealing a blow to Canon because Ikon is a major dealer of its copiers and other office machines.
Canon machines represent 60 percent of the products Ikon handles, with Ricoh machines accounting for 30 percent. (Reporting by Kiyoshi Takenaka; Editing by Hugh Lawson)