Xerox is leaving the joint venture with Fujifilm

Xerox is leaving the joint venture with Fujifilm

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Fujifilm and Xerox officially ended their partnership. The US company will withdraw from the Fuji Xerox joint venture, which will be renamed.

From April 2021, Fuji Xerox, in which Xerox holds a 25% stake, will change its name to Fujifilm Business Innovation. It will also expand its business, including solutions in the areas of cloud computing, AI and the Internet of Things.

The Technology Co-operation Agreement between Xerox and Fujifilm expires in March 2021 and will not be extended. Fujifilm Business Innovation, for its part, will be able to expand its business to new areas, including the US and Europe. The new company will lose the right to use the Xerox trademark on its devices.

Xerox is selling Fujifilm its stake in Fuji Xerox for $ 2.3 billion, as well as its majority stake in another venture jointly created with Fuji Xerox. As a result of the deal, unanimously approved by the boards of both companies, Fujifilm will become the sole owner of Fuji Xerox. At the same time, Fuji Xerox will continue to provide services to Xerox.

Founded in 1962, Fuji Xerox engages in the development, production and sales of copying equipment as well as document management services. The company’s core business is in the Asia-Pacific region.

Xerox is leaving the joint venture with Fujifilm

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