Xerox—the iconic American company that began in Rochester, New York in 1906—has been acquired by Fujifilm for $6.1 billion. The two companies have existed for over half a century as corporate partners under the Fuji Xerox name. The new company, which will have a combined revenue of $18 billion, will keep the dual moniker as well as its pair of corporate headquarters in both Tokyo and Connecticut.
"The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders," Jeff Jacobson, chief executive officer of Xerox, said in a statement.
"The new Fuji Xerox will be better positioned to compete in today's environment with truly global scale, increased presence in fast-growing markets, and innovation capabilities to effectively meet our customers' rapidly-evolving demands." Beyond photocopying, Xerox is probably best known in the tech world for failing to capitalize on a number of 1970s-era inventions that eventually became standard on modern personal computers. Ethernet, the mouse, the laser printer, and many other protocols and technologies were created at its Palo Alto Research Center (PARC) for the first time.
As part of the deal, $2.5 billion will be returned to shareholders while 10,000 jobs in Asia will be cut.