Fujifilm to acquire Xerox, merge with own unit

Fujifilm Holdings Corp. said Wednesday it will acquire a 50.1 percent stake in Xerox Corp. of the United States and merge with its copy machine subsidiary Fuji Xerox Co. with the aim of improving profitability amid sluggish business environment in the copier industry.Fujifilm Holdings also said that it will slash 10,000 jobs at Fuji Xerox, more than half of which will be workers based overseas.The merger will enable Fujifilm "to formulate a consistent global and management strategy," Chairman Shigetaka Komori said at a press conference.The name of the new company will be "Fuji Xerox," with …READ FULL ARTICLE