Fujifilm takes control of Xerox to create joint venture

Credit Emily Hunt  for WXXI News

Xerox had also been under pressure from activist shareholder Carl Icahn, the company's largest shareholder, who demanded the USA stakeholder alter or end its joint venture with Fujifilm.

Icahn is Xerox's biggest shareholder, with a 9.72% stake.

Fujifilm's joint venture with Xerox, Fuji Xerox, has been the subject of a recent accounting probe into its practices in New Zealand and Australia.

Fujifilm is set to take over Xerox and create a joint venture in order to restructure the firm's business and cut costs.




The combined company will maintain the Xerox and Fuji brands within their operating regions. Darwin Deason, the third-largest investor in Xerox, also pushed for changes, arguing the company should explore alternatives, including a sale, and change its top management.

Fuji Xerox had over 47,000 employees as of March 2017, according to its website, meaning the job cuts would likely slash its workforce by more than a fifth.

"If they're more tied at the hip, they're going to have more control over them not putting devices in competitors' hands", Tafoya said. "I like the products they have, and a lot of those products are from Fuji". "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". The Journal said a deal could be announced as soon as Wednesday. The targeted cost savings represent approximately 10% of the total cost base of the new Fuji Xerox and will drive significant margin expansion over the next four years. The cash dividend represents a 30% to Xerox's unaffected share price of $30.35 on January 10 before the reports of a possible deal surfaced.

Technology analyst Chris Green said: "It is not a surprise. He has a history of identifying underperforming assets and agitating for change and getting results".

Related news:

Hot News

isis-killer-beheading-video-story-top Riyad Mahrez desperate to leave Leicester but Manchester City must increase offer
Feb 01, 2018 - 00:47
That deal will likely go through before the end of the deadline and could be interesting for City and the side he is leaving for. We don't have more for the next month-and-a-half. "We have a lot [of matches], but we want to find solutions".

isis-killer-beheading-video-story-top On the talking whale
Feb 01, 2018 - 00:40
Humans obviously are good at it... "Interestingly, the mammals that can do best are marine animals", Call said. Killer whales, or orcas, are the largest of the dolphins and one of the world's most powerful predators.

isis-killer-beheading-video-story-top Battle for Azeroth descends on World of Warcraft this summer
Feb 01, 2018 - 00:38
If you do decide to level up one of the new races from 20 to 110 will unlock a set of cosmetic gear known as Heritage Armor. Everyone who pre-buys Battle for Azeroth will also receive in-game items for WoW and other Blizzard games.

isis-killer-beheading-video-story-top EasyJet CEO Takes Wage Cut To Promote Equal Pay
Feb 01, 2018 - 00:29
Only about 4 percent of the world's commercial pilots are women, with easyJet slightly higher at 5 percent. A target that 20 per cent of new pilots should be female by 2020 was set, up from 6 per cent in 2015.

isis-killer-beheading-video-story-top Dead, 185 Wounded in Fighting in Southern Yemen
Feb 01, 2018 - 00:25
Saudi-led coalition forces also said they intercepted a Houthi missile fired from Yemen, in Najran province, on January 20. The International Committee of the Red Cross (ICRC) placed the casualty count to at least 36 killed and 185 injured.

isis-killer-beheading-video-story-top Alexa SMS support lets users send text messages via voice
Jan 31, 2018 - 09:43
Amazon's Alexa just gained another useful new trick: It can now send text messages. but only if you have an Android phone . Last year, Amazon introduced a feature that would allow Alexa users to make voice calls and message other Alexa users.

isis-killer-beheading-video-story-top Hawaii Fires Man Who Sent Out False Missile Alert, Top Administrator Resigns
Jan 31, 2018 - 09:43
Alert messages appeared on the cell phones of agency employees, setting off a series of phone calls to the operations center. The 13 January message led to widespread panic and the authorities took 38 minutes to correct it.

isis-killer-beheading-video-story-top Bodies found in planters; landscaper called a serial killer
Jan 31, 2018 - 09:42
Toronto police believe there are more victims. "We don't know how many more victims there are going to be", Det. Kayhan, known to frequent the "Village" area around Church and Wellesley, was last seen October 14, 2012.

isis-killer-beheading-video-story-top EA Confirms New Battlefield for 2018, Anthem Officially Coming in 2019
Jan 31, 2018 - 09:41
If that's true then the game really is in messy situation that may require more than four additional months of development time. Well, if it was originally meant to launch in fall of 2018 and now it's pushed back to March, 2019... it is a delay.

isis-killer-beheading-video-story-top Kevin Love Injury Reportedly Diagnosed as Broken Hand; Out 6-8 Weeks
Jan 31, 2018 - 09:41
Cavs head coach Tryonn Lue, who has overseen 11 defeats in Cleveland's past 16 games, added: "When it rains, it pours". Last season, Love was forced to miss the All-Star game after undergoing minor knee surgery on February 14.

isis-killer-beheading-video-story-top The new Apple smartphones will be more memory
Jan 31, 2018 - 09:41
They'll also be far more expensive and should come with the L-shaped batteries Apple brought to the iPhone X . Last month, a report mentioned that the iPhone X had been outsold by the iPhone 8 and iPhone 8 Plus combined.

isis-killer-beheading-video-story-top Steve Wynn resigns as RNC finance chair amid sex assault allegations
Jan 31, 2018 - 09:40
Ron Johnson said he was giving the $5,400 he got in 2016 from Wynn to a domestic abuse victims service in Oshkosh, Wisconsin. In 2012, Wynn Resorts' board voted to cancel a 20 percent stake in the firm held by Universal Entertainment.

isis-killer-beheading-video-story-top Waymo orders thousands of Chrysler vans for self-driving taxi service
Jan 31, 2018 - 09:37
The deal comes after Waymo equipped 600 existing Chrysler Pacifica minivans with its driverless technology in25cities nationwide.

isis-killer-beheading-video-story-top Fans prepare for around the clock Rolex 24 race
Jan 30, 2018 - 01:38
Sharing the No. 31 cockpit were Mike Conway , Eric Curran and Filipe Nasr. "Everyone thrives on the winning culture of this team". But nevertheless, I'm happy. "We changed the alternator but in seven years I've never had an alternator problem".

isis-killer-beheading-video-story-top Clippers and Pistons reportedly engaged in trade talks involving Blake Griffin
Jan 30, 2018 - 01:35
Bradley is scheduled to become an unrestricted free agent this summer and could command an annual salary in the $20 million range. We break down what to watch for all 30 teams, and what kinds of moves they can pull off.