February 21, 2018

Fujifilm takes control of Xerox, will create a new joint venture

01 February 2018, 12:42 | Frank Carlson

REUTERS Thomas White Illustration

REUTERS  Thomas White  Illustration

Japanese imaging company Fujifilm announced Wednesday it will combine with and take majority ownership of American business company Xerox, in a deal worth more than $6 billion.

Fuji Xerox, the subsidiary jointly owned by Fujifilm and Xerox, manufactures printers and copiers for offices mainly in Asia and the Oceania regions. To get there, roughly 10,000 jobs will be cut in Asia, Bloomberg reports.

They say the goal of the restructuring is to reorganize operations and streamline manufacturing bases.

"With positive results across all metrics, our fourth-quarter performance clearly demonstrates the progress we have made and enabled us to deliver on our commitments for the full-year", said chief executive Jeff Jacobson.

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

Xerox shareholders will also receive a $2.5 million cash dividend, or about $9.80 per share.

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The deal will make for a more global company, according to Simon Chan, an analyst at Bloomberg Intelligence.

The newspaper added that Xerox shares would not disappear from the stock market and the deal could be announced Wednesday.

Through restructuring and other reforms, the companies expect to save $1.7 billion a year by 2022.

Major Xerox investors Carl Icahn and Darwin Deason have already publicly voiced their displeasure with the proposed agreement after the two sides were reportedly engaged in talks earlier this month. Also, it is planned that the current brands of both Fuji Xerox and Xerox will continue to be used after the Combination of the two companies.

The transaction is expected to close in the second half of this year and is subject to customary closing conditions, regulatory approvals and approval by Xerox shareholders. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board.

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