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Japan's Fujifilm to take over partner Xerox to slash costs [FOX Business Network]

XEROX (XRX)  More Company Research Source: FOX Business Network
Last xerox earnings: 1/31 03:00 am Check Earnings Report
US:NYSE Investor Relations: news.xerox.com/investors
PDF TOKYO –   Fujifilm Holdings and copier company Xerox Corp. said Wednesday the Japanese company will take over Xerox in a restructuring intended to slash costs. Continue Reading Below The companies said Wednesday that Fuji Xerox, their 56-year-old joint venture, will combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox. Through restructuring and other reforms, the companies expect to save $1.7 billion a year by 2022. The deal calls for Xerox shareholders to receive a $2.5 billion special cash dividend, or approximately $9.801 per share. Norwalk, Connecticut-based Xerox will own 49.9 of the combined company. Tokyo-based Fujifilm expanded into new technologies, optical devices, pharmaceuticals and other health related areas after demand for its core product, photo film, plummeted with the rapid adoption of digital cameras. Its performance recently has been hurt by the appreciation of the Japa [Read more]

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