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Stockreport

Fujifilm Says It Will Cut 10,000 Jobs at Its Xerox Joint Venture [Fortune]

XEROX (XRX)  More Company Research Source: Fortune
Last xerox earnings: 1/31 03:00 am Check Earnings Report
US:NYSE Investor Relations: news.xerox.com/investors
PDF Japan’s Fujifilm Holdings said it is cutting 10,000 jobs globally at its joint venture with Xerox Corp (xrx) to cope with a decline in the photocopying business, amid speculation of a new deal between the two companies. Fujifilm owns 75% of the joint venture, called Fuji Xerox, which accounts for nearly half of the Japanese company’s sales and operating profit. 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. Xerox Corp owns the remaining 25% of Fuji Xerox and has faced pressure from investors to explore strategic options and negotiate better terms on the venture with Fujifilm. The Japanese company’s job cuts announcement comes after the Wall Street Journal , citing people familiar with the matter, reported that Xerox Corp is nearing a deal with Fujifilm that would cede control of the U.S. photocopier pioneer to Fujifilm. “The market environment sur [Read more]

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