By Staff –
According to Xerox, the merger will allow the company to deliver $1.7 billion in total cost savings, with $1.2 billion to be achieved by 2020.
“The transaction has been unanimously approved by the boards of directors of both Fujifilm and Xerox,” the company said in a press release. “The combined company will be named “Fuji Xerox” and trade on the NYSE under the ticker XRX. The new Fuji Xerox will have dual headquarters in Norwalk, CT, U.S. and in Minato, Tokyo, Japan, with presence in over 180 countries.”
Xerox reportedly plans to cut 10,000 jobs globally as a result of the deal; however, according to reports, the company will not reduce jobs locally.
In addition, Xerox CEO Jeff Jacobson will remain in the position, as the head of Fuji Xerox.
“The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders,” Jacobson said. “The new Fuji Xerox 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 our customers’ rapidly-evolving demands. In addition, the combined company’s strong financial profile will enable investments that support continued market leadership, while also providing opportunities for increasing capital returns over time.”
Xerox currently employs an estimated 36,000 people globally, and about 3,400 workers in Rochester.
Visit https://www.news.xerox.com/news/FUJIFILM-Holdings-and-Xerox-announce-agreement-to-combine-Fuji-Xerox-Joint-Venture-with-Xerox for additional information regarding the merger.