Medicine

Xerox And Fujifilm Agree To Merge Fuji Xerox JV With Xerox

Xerox And Fujifilm Agree To Merge Fuji Xerox JV With Xerox”

The consolidated organization will keep the Fuji Xerox name and turn into an auxiliary of Fujifilm, with double base camp in the United States and Japan, and recorded in NY. While the impact in Upstate New York is now unknown, a company conference call is scheduled for Wednesday. "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 combined company will go to market and maintain the iconic "Xerox" and "Fuji Xerox" brands within its respective operating regions.

Xerox has been under pressure from investors to re-invent itself and develop new strategies and products. Xerox also announced a fourth-quarter loss, while Fujifilm announced its three-quarter earnings results.

Komori will be chairman of the new company's 12-member board of directors.

"The market environment surrounding the company's subsidiary Fuji Xerox has grown increasingly severe", Fujifilm said in a statement on Wednesday.

It also marks the end of independence for a US company whose roots trace back to the start of the 20th century.

The deal calls for Xerox shareholders to receive a $2.5 billion special cash dividend, or approximately $9.801 per share.

Xerox reported a net loss from continuing operations of $196 million in the fourth quarter, mainly due to a one-off $400 million charge as it sought to take advantage of changes to US tax law but also reflecting the steady decline in office printing.

The two companies have existed for over half a century as corporate partners under the Fuji Xerox name.

It will also trade on the New York Stock Exchange (NYSE) under the ticker XRX.

However some analysts questioned the merit of Fujifilm investing further in Xerox's business, which has suffered a 15 percent decline in annual revenue to $10 billion over the past three years.

For fiscal 2018, Xerox forecast reported earnings from continuing operations of USD2.30 to USD2.50 per share and adjusted earnings per share of USD3.50 to USD3.70.



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