Ricoh and Toshiba will combine their office equipment production into a single company in 2024. Ricoh will reportedly take the majority stake in the new company.

“This marks the first deal between rival office equipment manufacturers to integrate production,” Nikkei reports. The Ricoh-Toshiba merge for manufacturing “could prompt others to pursue similar arrangements.”

According to Nikkei, Ricoh holds 15.2% of global market share for A3 MFPs (second only to Canon) while Toshiba Tec holds 7.2%, projecting the new combined company to be the dominate OEM for the industry.