The D&C adds New Fuji Xerox will use the Xerox brand in most nations and the Fuji Xerox brand in Asia and Australia.
Shares of Xerox Corp. surged more than 8% in after-hours trading Tuesday after a Wall Street Journal report that Japan's Fujifilm Holdings Corp. was nearing a deal to buy a little more than half of the company.
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The companies said upon final approval of the deal, Jeff Jacobson, President & CEO of 112-year-old Xerox, is due to become CEO of New Fuji Xerox.
The Journal reported Fujifilm and Xerox are close to a deal that would combine Xerox with the current joint venture company it has with Fujifilm, and that the USA company's shareholders would own just under half of the resulting entity.
Patrick Leone, founder and CEO of Bloomington, Ind. -based MidAmerica Technology and developer of the SignMe app, said he thinks the addition of Fuji or another potential buyer would be an exciting component Xerox's go-to-market model. The new Fuji Xerox will be well-positioned to lead in growing areas such as high-speed inkjet, packaging, industrial print and workplace automation, as well as future development opportunities in artificial intelligence, machine learning, internet of things and augmented reality.
Ties between the two companies date back to the early 1960s when they formed a copier joint venture, which has grown to generate nearly half of the Japanese group's total annual revenues of $21 billion. 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. The combined company's Board of Directors will include 12 members, seven of whom will be appointed by the Fujifilm Board. Komori will serve as chairman of the board.
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