Tags: AS | Japan | Fujifilm | Xerox

Japan's Fujifilm to Take over Partner Xerox to Slash Costs

Wednesday, 31 January 2018 06:38 AM

TOKYO (AP) — Fujifilm Holdings and Xerox Corp. say the Japanese company will take over Xerox in a restructuring intended to slash costs.

The companies said Wednesday that Fuji Xerox, their 56-year-old joint venture, will combine with Xerox. Fujifilm Holdings will own 50.1 percent of Xerox's shares

They said that through restructuring and other reforms, they expect to save $1.7 billion a year by 2022.

The deal calls for Xerox shareholders to receive a $2.5 billion special cash dividend, or approximately $9.801 per share. Xerox will own 49.9 of the combined company.

The companies said they intend to expand in lucrative business areas such as high-speed inkjet printers, industrial printing, using Fujifilm's technologies.

The companies said Jeff Jacobson, President & CEO of 112-year-old Xerox, is due to be CEO of New Fuji Xerox.

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Fujifilm Holdings and Xerox Corp. say the Japanese company will take over Xerox in a restructuring intended to slash costs.The companies said Wednesday that Fuji Xerox, their 56-year-old joint venture, will combine with Xerox. Fujifilm Holdings will own 50.1 percent of...
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2018-38-31
Wednesday, 31 January 2018 06:38 AM
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