Business Services Industry
CHINA: XEROX TO SELL CHINA OPERATIONS TO FUJI XEROX.(Xerox Corp., Fuji Xeros Company Ltd.)(Brief Article)
IPR Strategic Business Information Database, December, 2000
According to China Daily (December 16, 2000), copy machine and business solutions major Xerox, recently announced that it would sell its operations in China for $550 million in cash to Fuji Xerox. As part of the sale, Xerox will transfer its manufacturing, sales and service operations in China and Hong Kong to Fuji Xerox, a 50-50 joint venture between Xerox and Fuji Photo Film.
Xerox reported its first loss in 16 years this October. Under a strategic plan to restructure, the company is envisioning a $1 billion cost-cutting effort.
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