Fujifilm to cut 10000 jobs at joint venture with Xerox

Posted February 01, 2018

The deal has been approved by the Fujifilm and Xerox Boards of Directors.

Icahn is Xerox's biggest shareholder, with a 9.72% stake.

The consolidated organization will keep the Fuji Xerox name and turn into an auxiliary of Fujifilm, with double base camp in the United States and Japan, and recorded in NY.

More news: Fox gets Thursday night football for 5 years

"Upon careful consideration of all alternatives available to the company, the Board of Directors concluded that this combination is clearly the best path to create value for our shareholders", Robert J. Keegan, chairman of Xerox's Board of Directors, said.

Major Xerox investors Carl Icahn and Darwin Deason have already publicly voiced their displeasure with the proposed agreement after the two sides were reportedly engaged in talks earlier this month. In essence, Fuji Xerox becomes a tracking stock for Fujifilm shares in the same way that Sprint is a tracking stock for Softbank.

"If they're more tied at the hip, they're going to have more control over them not putting devices in competitors' hands", Tafoya said. Through a joint venture based partnership spanning 56 years, the Company and Xerox have deepened their multi-faceted mutual cooperation on technology, etc. and built a strong relationship of trust. In addition to its size, New Fuji Xerox will also have management resources such as high-value brands and the cutting-edge technology and excellent human resources that support those brands, as well as global marketing power and a superior customer base.

More news: Airline CEO takes pay cut to support gender equality

The healthcare industry shuddered Tuesday following the announcement that Amazon, Berkshire Hathaway and JPMorgan Chase plan to form a new company that will attempt to lower healthcare costs for their hundreds of thousands of employees across the USA, the Wall Street Journal reports.

China National Nuclear Corp (CNNC), China's No. 2 nuclear power producer, will take over the country's top nuclear power plant builder to create a company worth nearly $100 billion, the latest state-orchestrated marriage in the nation's vast power sector. "It wouldn't surprise me", Wolf said of Xerox. "He has a history of identifying underperforming assets and agitating for change and getting results".

More news: IPhone SE 2 Is Not Coming