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Xerox to Sell China Operations for $550 Mil

STAMFORD, CT-Xerox Corp. announces that as part of its ongoing turnaround plan, it has reached an agreement to sell its entire operations in China to Fuji Xerox for $550 million.

By John Jordan | Updated on December 14, 2000

STAMFORD, CT-The entire operations of Xerox Corp. in China, which includes 1,500 employees, is earmarked for sale to Fuji Xerox for $550 million. The deal was revealed Dec. 14 by Xerox, based here, which is engaged in an asset disposition program that began this past October. Fuji Xerox is an $8-billion corporation with 30,000 employees in the Asia Pacific and Pacific Rim and is a joint venture of Fuji Photo Film Co. Ltd. and Xerox Corp.

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.”

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