Ricoh USA is relocating its headquarters from its long-term home in Malvern to Exton and slashing its office space by more than half in the process, writes Natalie Kostelni for the Philadelphia Business Journal.
At the end of August, the company will move out of 107,000 square feet at 70 Valley Stream Parkway in Malvern and move into 45,971 square feet at 300 Eagleview Boulevard in Exton. Ricoh USA has been at the Valley Stream location for more than two decades.
“No job loss is directly associated with this move,” the company said.
The move is part of the company’s desire to modernize its offices and incorporate a new and evolving style in its space.
Ricoh USA, which was originally known as Ikon Office Solutions, renewed its lease at its Malvern offices in 2012. That deal expires in 2020.
The Japanese printing giant has not been immune to the onslaught of digitization. The company has suffered from an operating loss of about $1.5 billion globally, including a significant drop in North American sales.
As a result, Ricoh is reorganizing to be better able to compete in the digital office market.
Read more about Ricoh USA in the Philadelphia Business Journal here.