Commenting on the deal, Xerox chairman and CEO Paul A. Allaire, says, "Our asset disposition initiative, designed to raise $2 billion to $4 billion is on track. The first of those sales, Xerox China operations, is ahead of schedule. And our $1-billion cost reduction program is on target. We will announce additional actions that will improve our liquidity as they are agreed."
Xerox officials note that the company began marketing its products in Hong Kong in 1964 and entered China in 1980. In 1990, the company formed Xerox (China) Ltd. to hold the company's Mainland China interests which included wholly owned subisidiares and joint ventures. The company posted 1999 sales of $200 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
