The group has been working on the project since April 2023.

“The company recognise its biggest challenge is to improve profitability. In transitioning to a digital services company, the Company is overhauling its profit structure to better align with its business model,” Ricoh stated.

Around 2,000 jobs will go in total worldwide, in accordance with relevant local labour laws.

Ricoh said that in order to accelerate its transformation, the company was “strengthening necessary skills and capabilities as a digital services company and optimising the personnel structure in each region in line with the changes in the business environment”.

Along with the on-going overseas structural reforms it has brought in the new ‘Second Career Support Program’ in Japan.

The application period for the retirement scheme will open on 1 October and run until the end of February, with an expected retirement date for successful applicants of 31 March.

Ricoh said the scheme would cost around ¥16bn (£86m), and reduce its costs by ¥9bn in fiscal year 2025.

The joint venture with Toshiba Tec is part of Ricoh’s plans to transform its office printing business.

The overall project aims to boost profits by over ¥60bn.

Ricoh had sales of ¥2,349bn its most recent financial year and employed more than 79,500 people worldwide.