Fujifilm will buy out 25% of Fuji Xerox from the American side
Fujifilm Corporation decided to buy out 25% of Fuji Xerox and thus become its rightful owner. This was announced recently by the press service of a Japanese manufacturer of photographic and medical equipment. The cost of the purchase is estimated at 2.3 billion dollars.
Fuji Xerox is a joint company of the two corporations. The Japanese partner owns 75% of shares, while the American partner owns 25%. The company produces copying equipment and printers, which are mainly supplied to Asian and Pacific countries. The company has a staff of 47 thousand people.
After acquiring Xerox’s share, Fujifilm intends to reorganize the company into a subsidiary. All terms and conditions of the transaction have been agreed between the parties, and within a month the procedure for processing the necessary papers will be completed.
The purchase is estimated at 253 billion yen. In addition, the terms of the acquisition include the termination of the legal proceedings that Fujifilm initiated against Xerox last year. The Japanese company previously managed to win the US lawsuit, which was initiated after its American partner refused to merge. Fujifilm has filed a separate lawsuit against Xerox for $1 billion in damages after the contract was terminated.
The management of the Japanese side plans to adopt a new strategy for the company after the transaction, which will help to develop the product line and implement innovative solutions in order to become as useful for consumers as possible.
The history of Fujifilm began in 1934. The company got its name from Mount Fuji. The company produced films for cameras, but initially the products were not of high quality. Only after a German consultant helped create the right emulsion did Fujifilm release quality black and white films in 1936. In 1948, a colour film was produced here. Having achieved success in their country, a representative office was opened in Brazil in 1955 and in 1958 in the USA and Europe in 1964.
The company has been exporting since 1960. It has a strong marketing network around the world and was one of the first companies in Japan to launch production outside its home country.
The Fuji Xerox joint venture was established in 1962, which produced copying equipment. In addition, Fujifilm expanded its film exports to the USA and established service centers there. In 1984, it was decided to expand the range of products by starting to produce medical diagnostic equipment, floppy discs and cameras.
Now the corporation includes not only industrial enterprises, but also marketing and financial ones. The Fujifilm network covers 20 countries, and the brand is known all over the world.