Fujifilm to cut 10000 jobs at joint venture with Xerox

01 February, 2018, 00:45 | Author: Franklin Nunez
  • Credit Emily Hunt  for WXXI News

The new company will keep headquarters both in the US and Japan.

Under the terms of the agreement, Xerox shareholders will receive a US$2.5bn (€2bn) special cash dividend, or approximately US$9.80 (€7.87) per share.

Fujifilm will own 50.1% of the combined company and provide operational support and transformational leadership.

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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.

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

Fuji Xerox will have dual headquarters in both Norwalk, Ct., in the United States and in Tokyo. The companies will each maintain their brands, they said.

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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.

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.

Fuji Xerox has been struggling as the world moves toward paperless offices. The new Fuji Xerox, he added, will be better positioned to compete in today's environment with truly global scale, increased presence in fast-growing markets and innovation capabilities to effectively meet customers' rapidly-evolving demands. The company's market cap is $8.32 billion. "It's going to be a big year for apps and partners building on Xerox's app platform". Icahn and Deason also agreed to work together to install a minority slate of four director candidates to Xerox's board, in an effort Icahn already had been pursuing to oust the document technology company's CEO, Jeff Jacobson. Five independent directors will be appointed from the Xerox Board. Fujifilm Chairman and CEO Shigetaka Komori will serve as chairman of the board.

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