UPDATE 1- Ricoh to cut 10,000 jobs to increase profit - Nikkei

Wed May 25, 2011 2:07pm EDT

May 26 (Reuters) - Ricoh Co will cut 10,000 across the world in the next three years to pace up its turnaround, the Nikkei daily said.

The decision to reduce its workforce by almost 10 percent will likely include several thousand job cuts from the company's first large-scale retrenchment in Japan, the paper reported.

The Ricoh group has about 40,000 employers in Japan and nearly 70,000 workers overseas, the business daily said.

The company expects to take about 30 billion yen ($0.3 billion) in restructuring charges, including severance costs, in the year through March 2012. However, it sees lower fixed costs and improved productivity giving its profit a nearly 20 billion yen boost, the next year, the business daily said.

The company which manufactures copiers and other office automation equipment saw its group net profit plunge to 6.5 billion in the year ended March 2009, compared with more than 100 billion yen a year ago, hurt mainly by the global financial crisis, the paper said.

The company expects profit to rise this year, but profit levels remains low because of a stronger yen and fierce competition, the Nikkei reported. ($1 = 81.920 Japanese Yen) (Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

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