The market values of both companies have declined since the coronavirus pandemic intensified.
The company is regrouping as it faces a decline in the printing business that was once its biggest moneymaker.
With the deal, HP is hoping to boost its profile in multifunction printers for businesses amid shrinking consumer demand.
The printer company had been exploring strategic alternatives as it struggled with the digitalization of the workplace.
The company plans to lay off 3,000 workers this year, producing $300 million in savings by 2017.
Some positions are being moved to low-cost countries and Lexmark expects to generate about $67 million in savings in 2016 and more in subsequent years.
PC revenues fell 13% and printer revenue was down 9% in the second quarter.
The CFO of Ricoh Americas analyzes the business transformation of the company as it changes its identity from a hardware supplier to a services provider.
