Japanese facsimile and copier maker Ricoh has bought out its China joint venture partner Shanghai Fax Machine for US$15.7m to take full control of the Shanghai-based venture, reported South China Morning Post. The venture, originally established in 1993 with US$44m of investment, recorded sales of more than US$89m last year.
Ricoh has decided to take full control of all of its mainland operations. In January it invested US$30m in setting up a Shanghai based holding company and the group plans to triple its China sales to US$7.2bn by 2005.
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