Fujifilm to cut 10000 jobs at joint venture with Xerox

Fujifilm to cut 10000 jobs at joint venture with Xerox

Lots of them. Indeed, Fujifilm is cutting 10,000 jobs globally at its joint venture with Xerox, saying it needed to overhaul the photocopying business amid a tough market environment, Reuters notes. The transaction is expected to close in the second half of calendar year 2018.

The combined company will keep the Fuji Xerox name and become a subsidiary of Fujifilm, with dual headquarters in the United States and Japan, and listed in NY.

Activist investor Carl Icahn had pushed Xerox to explore "strategic options", including shaking up its joint venture with Fujifilm, and electing four new directors.

Fujifilm executives said in a press conference Wednesday in Tokyo they were confident all shareholders will approve the deal.

The deal is expected to deliver at least $1.7 billion in annual cost savings by 2022 and about $1.2 billion by 2020.

This proposed combination provides Xerox shareholders with significant cash at closing, as well as a substantial interest in the significantly enhanced combined company. The new combined company, Fuji Xerox, will trade on the New York Stock Exchange and have dual headquarters in Norwalk, Connecticut and Tokyo. The cash dividend represents a 30% to Xerox's unaffected share price of $30.35 on January 10 before the reports of a possible deal surfaced.

The two companies said that Fuji Xerox will buy back that stake from Fujifilm for around $6.1 billion, using bank debt. Existing Xerox shareholders will collectively own 49.9% of the new Fuji Xerox company. The total value of this dividend is $2.5 billion.

Fujifilm and Xerox have been partners for over a century.

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.

The companies said Wednesday that Fuji Xerox, their 56-year-old joint venture, will combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox.

Finland's Wartsila said it will take a look at Rolls-Royce's loss-making marine business which the British company is reviewing for possible sale. Shigetaka Komori, chairman & chief executive officer of Fujifilm, will serve as chairman of the board.

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