Fujifilm says to slash 10,000 jobs at Xerox joint venture, after report on new deal [Reuters (UK)]
Xerox Holdings Corporation (XRX)
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Source: Reuters
Fujifilm says to slash 10,000 jobs at Xerox joint venture, after report on new deal | Reuters Reuters Staff 3 Min Read (Reuters) - Japan’s Fujifilm Holdings ( 4901.T ) said it is cutting 10,000 jobs globally at its joint venture with Xerox Corp ( XRX.N ) to cope with a decline in the photocopying business, amid speculation of a new deal between the two companies. Fujifilm owns 75 percent 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 percent 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
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