Fujifilm takes control of Xerox, will create a new joint venture
01 February 2018, 12:41 | Andres Norman
News10NBC is told Jeff Jacobson will be keeping his job as CEO of Xerox.
Confusingly, the new joint venture will become a full subsidiary of Xerox with Xerox changing its name to the "new" Fuji Xerox. Visit MarketWatch.com for more information on this news.
"The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders", Jacobson said in a prepared statement.
However, as is often the case with many companies' restructuring efforts, there will be casualties.
Fujifilm will own 50.1% of Xerox shares, and combine Xerox with Fuji Xerox, their joint venture in which the Japanese company already holds a 75% stake.
Xerox has been focused by lobbyist financial specialist Carl Icahn and investor Darwin Deason, who united a week ago to push Xerox to investigate vital choices, expel its "old protect", including its CEO, and arrange better terms for its decades-long manage Fujifilm.
Icahn supporter Jonathan Christodoro resigned from the Xerox board of directors, citing disagreement with other board members over Xerox's strategic direction.
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A major change for Xerox.
Fujifilm said earlier Wednesday it would bring the entire Xerox business into the existing joint venture between the two firms.
Fuji Xerox accounts for almost half of the Japanese company's sales and operating profit.
Fuji Xerox has been struggling as the world moves toward paperless offices. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board. "I would think that would be a big positive for Fuji". But the paper also says the deal may be announced as soon as Wednesday, which is when Xerox reports 4th quarter earnings.
"In the areas they're in, scale matters a lot".
Technology analyst Chris Green said: "It is not a surprise".
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