Japan’s Fujifilm Holdings said it is cutting 10,000 jobs globally at its joint venture with Xerox to cope with a decline in the photocopying business, amid speculation of a new deal between the two companies. Fujifilm owns 75 per cent of the joint venture, called Fuji Xerox, which accounts for nearly half of the Japanese company’s sales and operating profit. Fuji Xerox had over 47,000 employees as of March 2017, according to its website, meaning the job cuts would likely slash its workforce by more than a fifth. The paper said the deal, to be announced as soon as Wednesday, would combine Xerox with the five-decades-old joint venture it has with Fujifilm. The two firms’ joint venture, Fuji Xerox, was formed in 1962 and has limited prospects as demand for office printing declines.

Source: The Irish Times January 31, 2018 07:27 UTC