Japan's Ricoh to axe 10,000 jobs

Copier and printer maker Ricoh Co will cut nearly 10 percent 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 on Thursday the restructuring included slashing 10,000 jobs from its global workforce of 109,000, cutting unprofitable products and consolidating factories.
Japan's already weak economy has slipped into recession, hit by the triple blow of the devastating earthquake, tsunami and nuclear disaster on March 11. "The earthquake has ended any lingering complacency at Japanese companies that have been behind the curve in restructuring and in M&A," said Macquarie strategist Peter Eadon-Clarke. "It has reminded people of the limited opportunities at home and of the need to build successful global operations." Last month, Panasonic Corp said it would cut 17,000 jobs and close up to 70 factories globally. Camera and medical equipment producer Olympus has also said it would shed jobs. The restructuring could help Ricoh, which has long promised but failed to deliver cost cuts, fend off competition from firms such as Xerox and Canon Inc.