Fujifilm to Buy Xerox to Create Office Equipment Giant (News)
Tokyo, Jan. 31 (Jiji Press)—Japan's Fujifilm Holdings Corp. said Wednesday it will acquire US printer and copier maker Xerox Corp. to become a global leader in office equipment.
Under an agreement between the two companies, Xerox will merge with Fuji Xerox Co., a Fujifilm subsidiary partly held by the US firm, by the end of September. Fujifilm will acquire a 50.1% share in the merged company for ¥671 billion.
The deal will create one of the world's largest office equipment manufacturers, with annual sales of ¥3.3 trillion.
Fujifilm aims to expand its earnings by acquiring the sales networks of Xerox, amid a tough environment for copier makers.
"Expanding sales to the whole of the world will be the largest benefit" from the acquisition, Fujifilm Chairman Komori Shigetaka told a press conference.[Copyright The Jiji Press, Ltd.]