Xerox, Now Handover to Fujifilm A Holdings Corporation
Xerox, the popular copying machine, was invented in 1969. The art of creating this Laser printing machine was really a high tech innovation by Gary Starkweather.
The maker of Laser printing machine is then considered as the label that controlled the printing tools business and has a market value of $8.3 billion. The company works independently for 115 years, now agreed to merge with Japan’s Fujifilm Holdings Corporation.
On Wednesday, Xerox said that now it would work together with Fujifilm Holdings of Japan. So, it’s the end of American corporate powerhouse.
Moreover, Fujifilm will own just over 50 percent of the Xerox business. There are plans to cut $1.7 billion in costs in coming years. Fujifilm said it would cut its payroll by 10,000 workers worldwide. Company’s shareholders will receive a $2.5 billion special cash distribution, or approximately $9.80 per share, funded from the combined company’s balance sheet, and own 49.9% of the combined company at closing. Whereas, the company Fujifilm will take the major interest and leadership.
Among the modern technologies company invested in new technology and the High-end Xerox machines — essentially, complex paper-processing computers — became symbols of modern technology. This makes office work fast and easy.
Also, Fujifilm keeps a goal with this joint venture that the copier and printer market and transition to others will survive long term, like managed-print services and medical imaging.
Today, we find the businesses like health care, human resources and financial assent are a large number of customers of Xerox.