Japanese Fujifilm Holdings Corp. and American Xerox Corp. officially declared merger, thus confirming the recent rumors. Thus, Xerox goes under the wing of Fujifilm.
Terms of a transaction
This is about merger of two companies into one single - Fuji Xerox, which was founded more than half a century ago (in 1962). After that, a controlling stake (50.1%) will be Japanese, and 49.9% of the shares of the company will remain shareholders of Xerox. In addition, they will pay $ 2.5 billion dividends.
All formalities are planned to be completed by the second half of 2018. After that, heads will fly: they will dismiss about 10 thousand employees. Fuji Xerox will head the head of Xerox Jeff Jacobson, and Chairman of the Board of Directors will be occupied by the executive director of Fujifilm Sigetak Komori.
Have companies will have two headquarters : one in Norwalk, Connecticut, and the second - in Tokyo.
Despite its rich history and big names, u companies are not best times. Xerox, which is more than 110 years old, is known for its copying technology. In addition to Xerox, thanks to Xerox, the world saw window graphic interfaces, floppy disks, computer mice and rugs, a laser printer and ethernet. Fujifilm, though was created as a manufacturer of photographic equipment, sales of office equipment. But times have changed, the demand for printing and copying equipment falls, and companies and institutions are gradually moving from paper on electronic carriers. Therefore, in order not to to burn both, the companies decided to unite.
By preliminary calculations, all these measures will allow 2022 save $ 1.7 billion. But for now, after the news about the merger, shares of Fujifilm have fallen by almost 10%.
Source: Fujifilm , Bloomberg