IBM Spins Off Boulder Printer Division

IBM said today that it is spinning off the firm's Boulder, Colorado-based Printing Systems division as part of a joint venture with Ricoh. IBM said that Ricoh will acquire 51 percent of the joint venture, which will be called InfoPrint Solutions Company, in exchange for $725M in cash. The new company will be headquartered in Boulder, Colorado, which is the current headquarters of IBM's Printing Systems Division. The new company will be headed by Tony Romero. IBM said that its printing business generated approximately $1B in revenue in 2006.