Xerox to combine with Fujifilm in joint venture

01 February, 2018, 00:47 | Author: Manuel Hopkins
  • REUTERS  Thomas White  Illustration

Fujifilm is expected to make a stock and cash offer to Xerox that would give the Japanese group a 51 percent stake in the combined company, said a person with direct knowledge of the transaction terms. The new company will keep headquarters both in the USA and Japan.

Billionaire investors Carl Icahn and Darwin Deason, who collectively hold over 15 percent of Xerox, had jointly persuaded the photocopier pioneer to explore strategic options, oust its "old guard", including its CEO Jeff Jacobson.

The Journal reported Fujifilm and Xerox are close to a deal that would combine Xerox with the current joint venture company it has with Fujifilm, and that the US company's shareholders would own just under half of the resulting entity.

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Fuji Xerox accounts for almost half of the Japanese company's sales and operating profit. "The new Fuji Xerox will be better positioned to compete in today's environment with truly global scale, increased presence in fast-growing markets, and innovation capabilities to effectively meet our customers' rapidly-evolving demands". "We believe Fujifilm's track record of advancing technology in innovative imaging and information solutions - especially in inkjet, imaging, and AI areas - will be important components of the success of the new Fuji Xerox".

It said the planned restructuring measures involve job cuts and closing or integrating manufacturing bases, and would lower annual costs by 50 billion yen from the year ending March 2020.

I am confident that Fujifilm's ability to drive change as well as its experience of successful reinvention will give a competitive edge to the new Fuji Xerox, delivering significant value creation to shareholders of both the new Fuji Xerox and Fujifilm. Fujifilm Chairman and CEO Shigetaka Komori will serve as chairman of the board. "It's going to be a big year for apps and partners building on Xerox's app platform".



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