Search
 

Xerox to Sell Partial Stake in Fuji Xerox for $1.3-Bil

STAMFORD, CT-Xerox Corp. reports it has agreed to sell half of its stake in Fuji Xerox Co. Ltd. to Fuji Photo Film Co. Ltd. in a deal valued at more than $1.3 billion in cash.

By John Jordan | Updated on March 06, 2001

STAMFORD, CT-In a deal the company says signals significant progress in its turn-around efforts, Xerox Corp., announces that it will sell half of its interest in Fuji Xerox Co. Ltd. to Fuji Photo Film Co. Ltd. As previously reported by GlobeSt.com, the company has already sold some of its properties and holdings, raising concerns that its headquarters here and other properties were threatened.

Xerox officials state that it will sell half of its stake in Fuji Xerox for 160 billion yen in cash, equivalent to more than $1.3 billion in US currency based on recent exchange rates. The sale will decrease Xerox’s interest in the company from 50% to 25%. Fuji’s ownership interest will be 75% once the deal closes at the end of this month. The agreement will result in an after-tax book gain of approximately $310 million, company officials state.

Company officials note that Xerox has now raised almost $2 billion in asset dispositions since December 2000 when it completed the sale of Xerox (China) Ltd., and Xerox (Hong Kong) Ltd., to Fuji Xerox for $550 million in cash. Last October, Xerox announced a turn around plan that included the sale of assets generating $2 billion to $4 billion; cost reductions exceeding $1 billion, and a sharpened focus on its strategic core businesses.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.