Fuji Xerox to change name in 2021
January 6, 2020
Fuji Xerox announced its corporate name change to FUJIFILM Business Innovation Corp., expanding the business globally under the Fujifilm brand.
Fuji Xerox Co., Ltd. announced that it is changing its corporate name to FUJIFILM Business Innovation Corp. as of 1 April 2021.
Fuji Xerox affiliates and sales companies in and outside Japan will also change their names respectively on 1 April 2021, but their new names will be announced at a later date.
The company said that the new corporate name represents Fuji Xerox’s commitment as part of the Fujifilm Group to expand into a wide range of business areas going forward and to always continue delivering business innovations.
Fuji Xerox said it aims to foster innovation with the other companies in the Fujifilm Group by accelerating the market introduction of solutions and services that build on technologies related to the cloud, artificial intelligence, and the Internet of Things.
Additionally, Fuji Xerox will swiftly work to strengthen its document and adjacent businesses as well as to expand into new business areas, and to bring about business innovations by supporting the use and sharing of knowledge that will enable office workers to further increase their productivity and efficiency.
This follows from the announcement in November 2019 from Xerox Holdings Corporation that it had closed its previously announced transactions with Fujifilm Holdings Corporation, which included the sale of Xerox’s 25 percent stake in Fuji Xerox Co., Ltd. to a subsidiary of Fujifilm.
The deal included that Xerox sold its stake in the Fuji Xerox venture and receives $2.3billion (€2.06 billion) and secure modified sourcing terms for future product programmes that will ensure Xerox’s product supply continuity.
Xerox also sold its 51 percent stake in Xerox International Partners (XIP), an OEM joint venture between Xerox and Fuji Xerox, which, together with the grant of a new IP license, will allow Fuji Xerox to OEM certain products (such as printer engines) to named parties that are existing customers of XIP on a worldwide basis in exchange for a fixed royalty.
The $1 billion (€0.89 billion) Fujifilm lawsuit against Xerox for reneging on the deal to merge the two companies will be dismissed.
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