Skip to main content

Fujifilm acquired Xerox in $6.1 billion takeover of Fuji-Xerox

Fujifilm Holdings Corp. took over Xerox Corp. in a US$6.1 billion deal to the Fuji Xerox joint venture. Giant Minato acquired the Norwalk company to gain scale and cut costs as a new force in the combined company amid a downturn in demand for office printing.

Wednesday's announcement shows where Fujifilm is trying to streamline its copier business with a greater focus on document solution services, while Xerox is under pressure to find new sources of growth struggling to rediscover its heritage business amid reduced demand for printing.

Fujifilm acquired Xerox in $6.1 billion takeover of Fuji-Xerox

The two companies say consolidation, procurement and other operations enable Fuji-Xerox to save at least US$1.7 billion by 2022. Fujifilm owns 75 percent of Fuji Xerox shares in which the joint venture will restore its 50th anniversary in products and services in the Asia Pacific region.

The announcement also mentioned Fuji-Xerox will use the funds to buy a new 50.1 percent stake in Xerox where the deal will be completed around July-August. The combined company will carry the name Fuji-Xerox and become a subsidiary of Fujifiln, the dual headquarters in the United States and Japan, and registered in New York.

Fuji Xerox will be led by Xerox CEO Jeff Jacobson, while Fujifilm CEO Shigetaka Komori will become chairman. Both companies have struggled with the slow sales of photocopies where the industry is increasingly having no paper.

"It's a quick decision, but I'm sure it's creative.The new structure will leverage the power of our three companies," Komori said.

Fujifilm said about the dismissal of 10,000 jobs in Fuji-Xerox, more than one-fifth of the workforce in the joint venture in the Asia Pacific region. Jacobson said the joint venture would gain an increase in new technology, higher revenue and cost synergies, while shareholders would benefit from a US$2.5 billion cash dividend.

"This transaction offers huge profits for the joint venture shareholders who will have shares in more competitive companies and opportunities for long-term growth and margin expansion," Jacobson said.

Comments

Popular posts

European Union and ASEAN to restart Free Trade Agreement

Tinuku - European Union (EU) and ASEAN have agreed to restart the process of forming Free Trade Agreement (FTA). Singapore Prime Minister Lee Hsien Loong as ASEAN coordinator for EU-ASEAN relations said on Saturday to build a framework to identify potential sectors to finalize the deal.

Lee also said the EU and ASEAN had agreed to restart the process of establishing a free trade agreement between the two blocs. The EU and ASEAN launched talks towards a pact in 2007 but ignored the process two years later as the EU voted to negotiate bilaterally with each country.


"As coordinators, we look forward to forming a framework to identify where areas where we have the potential to make a deal," Lee said.

"Working on a deal may take longer than the end of the year. But if we can identify where the big opportunities are, our trade-offs, then I hope we will have better success," Lee said.

"One of the things we expect is that European nations are able to manage their soci…

Rolls-Royce plans for flying taxi service

Tinuku - Rolls-Royce Holdings plc has designed a propulsion system for flying taxi and is starting search for partners to help develop a project it hopes could take to the skies as soon as early next decade. British jet engine maker said on Sunday it had drawn up plans for an electric vertical take-off and landing (EVTOL) vehicle which could carry to five people at speeds of up 250 mph for approximately 500 miles.

The company joins a variety of companies racing to develop flying taxis, which could revolutionize the way people travel. Aviation and technology leaders are working to make electric-powered flying taxis a reality, including Airbus, U.S. ride- sharing firm Uber and a range of start-ups including one backed by Google co-founder Larry Page, called Kitty Hawk.


Rolls-Royce’s design will be showcased in digital form at the Farnborough Airshow, which starts on Monday. The company is looking for an airframer and a partner to provide aspects of the electrical system to help commerci…

Britain announced its first launch site for the space market

Tinuku - UK on Monday ran an important leap for the construction of the first vertical launch space launch site. The proposed space port at Sutherland in the north of Scotland has been awarded US$3.3 million in funding by the government-owned UK Space Agency to develop a ground-breaking launch site.

Government Business Secretary Greg Clark Monday launched the start of a Great British Space Age that will see vertically-launched space rockets and satellites take off from the new spaceport. UK Space Agency said it selected the Sutherland site because Scotland is the best place in Britain to reach highly sought-after satellite orbits with vertically launched rockets.


The initial funding will go to Scotland's Highlands and Islands Enterprise agency to develop the Sutherland site which will use a combination of proven and innovative rocket technologies to pave the way for a world-leading spaceflight market.

The UK Space Agency is also making available a new 2.65 million U.S. dollar fund…

Psychoengine studio build Honda GL 200 single-cylinder engine turns into Five Dragons 5-cylinder

Tinuku ~ Studio Psycoengine based in Purwokerto, Indonesia, building works Honda Tiger with a 5-cylinder rotary. Custom motorcycle entitled "Five Dragons" by M Yusuf Adib Mustofa emerged as the Best of the Best Kustomfest 2016 Legend Reborn.