Boulder is gaining a new corporate headquarters as IBM agreed Thursday to sell off its printing-systems division to Ricoh Co., Japan’s second-largest printing office-equipment maker, for $725 million.
The deal will be a joint venture between IBM and Ricoh, resulting in the formation of a new company, InfoPrint Solutions Co., with global headquarters in Boulder. The transaction is expected to close during the second quarter.
IBM’s printing-systems division is based in Boulder, where IBM employs a total of 3,900. About 500 of those employees work for the printing-systems division. Armonk, N.Y.-based IBM is the largest technology employer in Colorado, with 5,500 workers in the state. The Boulder campus was founded more than 40 years ago and is also the center for IBM’s global-services division.
None of the workers in Boulder will be cut, said IBM spokesman Jay Cadmus. InfoPrint will lease space from IBM at the Boulder campus.
“Our operations will continue on very much as they do so today,” said Jeff Paterra, vice president of development and professional services for the printing-systems division in Boulder. “One of the goals we have is to grow the business. That presents potential opportunities for additional investment and resources.”
Ricoh will initially acquire 51 percent of the joint venture and will acquire the remaining 49 percent over the next three years as the joint venture evolves into a fully owned subsidiary of Ricoh, IBM said in a statement.
Ricoh spokesman Russell Marchetta said the company will “absolutely” remain in Boulder for the next three years.
“The formation of this new company brings us to a new level in production printing,” he said. “The company has been (in Boulder), and we see it as a great location. The employees are there, and we’re committed.”
The Boulder printing division develops printers for commercial and industrial use, such as bills, banking and investment statements.
Bloomberg News contributed to this report.
Staff writer Kimberly S. Johnson can be reached at 303-954-1088 or kjohnson@denverpost.com.
