lakeelmoleader.com
lakeelmoleader.com 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.

EasyJet CEO cuts pay to match female predecessor
That is why three years ago easyJet launched our Amy Johnson Initiative to encourage more women to enter the pilot profession. EasyJet said in a statement that the new CEO's remuneration would be identical to McCall's in all other respects.

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.



Other News

Trending Now

U.S. government agencies investigating Apple over slowing iPhones
It was said to be too early in the probe to speculate regarding the potential for Apple to be accused of wrongdoing. The issue affects older models including the iPhone 6, iPhone 6s, iPhone SE , and iPhone 7.

Las Vegas Shooting Documents Include Second Person Of Interest
County attorneys did not respond immediately to questions about whether Fedenberg could appeal to the Nevada Supreme Court. She was initially considered a person of interest but authorities later said she is not likely to face criminal charges.

Turkish govt. detains doctors over Afrin operation remarks
Manning said he did not know if the USA has agreed to stop arming and training its Syrian allies, another request by Turkey. Two people were hospitalized after the attack and one, 17-year-old Fatma Avlar, died from her wounds, the agency said.

Parlour suggests West Ham should take a chance on Daniel Sturridge
Newcastle, meanwhile, now sit 15th in the Premier League and just a point above the relegation places. But they look set to miss out to survival rivals West Brom .

Clinton Issues Statement Explaining Why She Shielded Sexual Harasser in 2008
Clinton's campaign manager at the time recommended that she fire the adviser, Burns Strider , but Mrs. But I won't lie: I expected standing up for a woman on her staff to be one of her strengths.

Carmelo Anthony becomes 21st National Basketball Association player to score 25000 points
Anthony became the 21st player in National Basketball Association history to reach the mark and the 11th-fastest player to do it. Meanwhile, the Pistons are in a major funk in the moment, especially at home where they've lost four straight.

Who is the White House counsel who reportedly threatened to resign?
The report follows developments that the special counsel interviewed attorney general Jeff Sessions for several hours last week. Cobb added that the arrangements are still being worked out between Mueller's team and the President's personal lawyers.

Orca are able to mimic human speech, according to new study
The human words and phrases she attempted to copy included "ah ah", "hello", " bye bye", " Amy ", "one two" and " one two three ". But just because animals can mimic human sounds, that does not mean that they understand our language, she added.

Southern Yemen forces take control of Aden
Tribesmen in the area say the attack started with a mortar round fired at the checkpoint, followed by heavy gunfire. Saudi air defense forces reportedly blocked and shot down a missile fired at the location in November past year .

Filipe Albuquerque breaks 'spell', lastly will get Rolex 24 At Daytona win
The auto sustained a heavy left-side impact although Nasr's Cadillac, which went on to finish second, remained largely unscathed. The No. 11 Lamborghini Huracan GT3 made history becoming the first Lamborghini to win a 24-hour class anywhere in the world.