Imaging and electronics giant Ricoh has boosted the capital of its Brazilian subsidiary and plans for further growth as a result of the positive performance in the country.
The Brazilian operation has received an investment of $110 million from its head office in Japan and plans to press ahead with an expansion strategy despite the current economic instability.
According to a statement from the firm, Ricoh the firm has achieved a seven-fold revenue growth between 2007 and 2016. Turnover for the Brazil office in 2015 reached R$350 million ($107.9 million), a 24 percent increase on the prior year.
"During the economic crisis we have managed to freeze dollar exchange rates and therefore grow in comparison to our competitors and also in new markets, while strengthening partnerships with direct and indirect clients," Ricoh Brazil president Alejandro Tomás said in the statement.
Tomás pointed out that the firm's low turnover -- particularly in managerial and executive levels -- in addition to a consistent message regarding its strategy in recent years has been helpful in positioning Ricoh as a reliable vendor for local customers.
"Our work here [in Brazil] has been bearing fruit and this [capital increase] comes as a result of our positive performance," Tomás added.
In terms of future plans, the executive says that Ricoh Brazil will continue to focus on helping clients reduce costs and speed up processes within IT operations.
Ricoh's Brazilian operation has also been introducing several products to the market, with a 40 percent rise in new product launches in 2015. According to the firm, the best performing products were projectors and imaging equipment, which grew 160 percent last year.
The company has also placed efforts in expanding its reseller network in Brazil, which saw a rise from 200 in 2014 to 450 in 2015.