Japan's Fujifilm Reportedly Nears Deal With Xerox

Xerox company is seen on a building in Minsk Belarus

Fujifilm said earlier Wednesday it would bring the entire Xerox business into the existing joint venture between the two firms. The transaction is expected to close in the second half of calendar year 2018. The new company, which will have a combined revenue of $18 billion, will keep the dual moniker as well as its pair of corporate headquarters in both Tokyo and CT.

The original joint venture Fuji Xerox, which formed in 1962, made printers and copiers primarily in Asia and Australia. The pair had been pushing for Xerox to explore "strategic options", fire the CEO and negotiate a better deal with Fujifilm.

It said the planned restructuring measures involve job cuts and closing or integrating manufacturing bases, and would lower annual costs by 50 billion yen from the year ending March 2020.

Robert J. Keegan, chairman of Xerox's Board of Directors, said, "Today's announcement follows a comprehensive review of our strategic and financial alternatives led by Xerox's independent directors that began after the separation of Conduent in 2016".

At least symbolically, Xerox seems to have forgotten that R&D heritage - even if numerous develops didn't directly boost the company's bottom line.

Fujifilm Holdings and copier company Xerox Corp. said Wednesday the Japanese company will take over Xerox in a restructuring meant to slash costs.

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XRX stock was up 6% as of Wednesday morning.

Fujifilm Holdings is gaining control of Xerox in a deal that would create an $18 billion company and see the iconic American corporate giant launching into new lines of business to seek global growth. As part of the deal, it will issue a combined $2.5 billion in cash dividends to its shareholders. Jacobson will become CEO of the combined company.

Fujifilm and Xerox have been partners for over a century.

On average, analysts polled by Thomson Reuters expect the company to report earnings of USD3.52 per share for the year on revenues of USD9.8 billion. He says until that time it is business as usual for both companies.

The combined company's board will include 12 members, seven of whom will be appointed by the Fujifilm board.

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