Xerox Corp. is reportedly in talks with Japan”™s Fujifilm Holdings Corp. on corporate strategies that may impact the future of the Norwalk-headquartered company.
The companies have worked together since the creation of the Fuji Xerox joint venture 55 years ago, which sells copiers and printers in the Asia-Pacific market and generates about $10 billion in annual sales.
The talks are taking place as Xerox deals with what The Wall Street Journal described as a “continued slump in sales and profit.” While the company has a market value of about $7.7 billion, it is carrying more than $4 billion of net debt. Furthermore, investor Carl Icahn, who owns a 9.7 percent stake in Xerox, cancelled an agreement with the company by removing his representative from its board of directors in order to campaign for more board seats.